Bitcoin, ether options worth over $11 billion will expire on Deribit on Friday.
两大加密货币的期权价值超过110亿美元将在周五在Deribit到期。
Both cryptocurrencies are trading well above their “max pain points.”
这两种加密货币的交易价格都远高于它们的“最大痛点”。
The market is unlikely to see major volatility ahead of the expiry, one observer said.
一位观察人士表示，在到期前市场不太可能出现重大波动。
Bitcoin (BTC) remains well supported, holding above $40,000 as the clock ticks down to 2023’s last quarterly options expiry.
比特币（BTC）仍受到良好支撑，保持在4万美元以上，随着时间的流逝，2023年最后一个季度期权到期即将来临。
On Friday at 08:00 UTC, a staggering $7.7 billion worth of options tied to bitcoin (BTC) and $3.5 billion of options linked to ether (ETH) will expire on the crypto exchange Deribit.
在协调世界时的周五08:00，价值惊人的77亿美元比特币（BTC）期权和35亿美元以太坊（ETH）期权将在加密货币交易所Deribit到期。
“The total of over $11 billion marks Deribit’s largest expiry thus far, of which almost $5 billion will expire in the money, the largest amount ever as well, potentially resulting in above average hedging and trading activity,” Luuk Strijers, the exchange’s chief commercial officer, told Crypto.
Deribit首席商务官Luuk Strijers告诉Crypto：“超过110亿美元的总额标志着Deribit迄今为止最大规模的到期，其中有将近50亿美元将在到期时到期，这也是迄今为止最大的金额，可能导致高于平均水平的套期保值和交易活动。”
Options are derivative contracts offering the purchaser the right, but not the obligation, to buy or sell the underlying asset at a predetermined “strike” price at a later date, the expiry date. A call offers the right to buy; a put confers the right to sell. On Deribit, one options contract represents one BTC or one ETH. An in-the-money call option is one with a strike price lower than the market rate. For a put, an in-the money strike price is higher than the going rate.
期权是衍生合同，它给予购买者在之后的到期日以预定“行权”价格购买或出售基础资产的权利，但不是义务。认购期权给予购买权；认沽期权给予卖权。在Deribit上，一个期权合同代表一个比特币或一个以太坊。处于实值状态的认购期权的行权价低于市场价。而处于实值状态的认沽期权的行权价高于市场价。
This quarter’s 60% upswing in the bitcoin price and ether’s 43% gain have investors scrambling to add upside exposure through calls. That explains the record notional open interest for in-the-money call options.
本季度比特币价格上涨60%，以太坊价格上涨43%，导致投资者争相通过认购期权增加上涨敞口。这解释了实值认购期权名义持仓利息创下纪录的原因。
According to Strijers, clients have been rolling their positions from the December expiry to contracts expiring in January and subsequent months, and the process could continue into Friday’s quarterly settlement.
据Strijers称，客户们一直在将他们的持仓从12月到期的合同转至1月及以后到期的合同，这一过程可能会持续到周五的季度结算。
“The U.S. Securities and Exchange Commission is said to have set Jan. 10 as the deadline for approving or rejecting an exchange-traded fund (ETF) that invests directly in bitcoin, a so-called spot ETF, rather than one investing in futures tied to BTC. Many industry participants expect it to give the green light to a spot fund, paving the way for continued upside price volatility in the historically bullish reward halving year.”
“据说美国证券交易委员会已经设定1月10日为批准或拒绝直接投资比特币的交易所交易基金（ETF）的最后期限，这种ETF被称为现货ETF，而不是投资于与BTC相关的期货ETF。许多行业参与者预计它将为现货基金开绿灯，为历史上牛市奖励减半年份的持续上行价格波动铺平道路。”
Most open interest in concentrated in calls or derivatives offering upside protection.
大部分的名义持仓集中在认购期权或提供上行保护的衍生品上。
The chart shows notional open interest for the BTC call and put options at various strikes expiring on Friday. It also shows bitcoin’s max pain point (MPP), or the level at which options buyers stand to lose the most on expiry. The theory is that options sellers, typically institutions with ample capital supply, look to push the underlying asset’s spot price toward that level to make their counterparties, the buyers, suffer the most. In late 2020 and most of 2021, bitcoin saw volatility in the direction of the max pain point in the lead-up to the expiry, only to resuming the uptrend following the settlement.
图表显示了周五到期的比特币认购和认沽期权的名义持仓，还显示了比特币的最大痛点（MPP），即期权买家在到期时可能损失最多的水平。理论上，期权卖家（通常是拥有充裕资金供应的机构）试图将基础资产的现货价格推向该水平，让他们的交易对手（买家）遭受最严重的损失。2020年末和2021年大部分时间里，比特币在到期前的波动方向上看到了最大痛点，而在结算之后又恢复了上升趋势。
Still, market analyst Chang expects prices to remain steady before Friday’s expiry.
但市场分析师Chang预计在周五到期前价格将保持稳定。
“I plan to keep a close eye on any new options trading tapes after the big options expirations. I also think the market is heading towards the final spark and I expect the last real move to be very soon,” Chang said.
“我打算密切关注大规模期权到期后的任何新期权交易记录。我还认为市场正在迈向最后的火花，我预计最后的真正动作很快就会出现。”Chang说道。