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BTC 
ETH Bitcoin and Ethereum Option Expires: Market Signals Behind the US$16 Billion Contract
As the recent surge in bitcoin and altcoins continues to spark controversy, the focus of the cryptocurrency market is on the huge option contracts that expire today. These options are particularly important because they expire on the weekend and the last Friday of the month.
Based on weekly data, approximately US$16 billion in cryptocurrency options will expire on the Deribit Derivatives Exchange on September 25. Specifically,$14 billion worth of them are Bitcoin options, and $2.1 billion are Ethereum options. Currently, the Put/Call ratio of BTC options is 0.87, the maximum loss point is at US$79,000, and the intrinsic value is US$14 billion. For Ethereum, ETH options have a put/call ratio of 0.67, a maximum stop loss of $2,380, and a nominal value of $2.1 billion.
What does option data mean for Bitcoin and Ethereum?
Bitcoin's put/call ratio is 0.87 and Ethereum's is 0.67, indicating that investors are generally betting on higher returns and expect the market to show an upward trend. Generally, a put/call ratio below 1 means that the value of the call option is higher than the put option at that particular expiration date. However, experts point out that the put/call ratio and option expiration date alone cannot accurately predict the price trend of Bitcoin and Ethereum after expiration, and this is not the only determinant. Macroeconomic development and investor sentiment also play a decisive role in the pricing process.
Greeks.live分析师指出，此次三个月一度的期权到期导致32%的比特币未平仓头寸和40%的以太坊未平仓头寸面临到期。尽管在到期前市场保持相对平静，但近期的交易成交量中，头寸续期占据了相当大的比例。
分析师认为，虽然比特币突破80,000美元的盘整区以及市场情绪的改善是积极信号，但Bitget遭受的3亿美元黑客攻击事件对市场构成了显著的短期风险。分析师指出，当前的整体前景表明市场正在复苏；然而，鉴于安全风险，投资者应考虑采取对冲策略以应对下行波动。此外，分析师还强调，最近的网络安全事件不应再被视为加密市场中完全罕见的“黑天鹅”事件，因为此类事件在过去市场周期中已频繁出现。
本文不构成投资建议。
