The cryptocurrency market is about to迎来 a critical moment. Data shows that on September 4, over $4.5 billion in cryptocurrency options contracts will expire, with Bitcoin options accounting for $3.28 billion and Ethereum options approximately $1.27 billion. This large-scale options expiration could have a significant impact on market trends.

Currently, the Bitcoin options market shows a bearish advantage, with a put/call ratio of 1.38 and a maximum pain price of $112,000. In contrast, the Ethereum options market is relatively balanced, with a put/call ratio of only 0.78 and a maximum pain price of $4,400.

It is worth noting that the current spot price of Bitcoin is hovering around $4400, coinciding with the maximum pain price of Ethereum options. This "double 4400" phenomenon has attracted significant market attention. Option expirations typically bring price volatility, and the convergence of the two major encryption currencies at the same critical price level further increases market uncertainty.

Despite the bearish advantage in the Bitcoin options market, the long-short balance in Ethereum options may stabilize the market to some extent. However, considering the overall large scale of options, a breakout could trigger a chain reaction.

Market participants are closely watching the key price level of $4400. Will it become a resistance level, or will it be the starting point for a new round of upward movement? As the options expiration date approaches, the market may face a directional choice, either a downward breakout or an upward rebound.

In this volatile market environment, investors need to carefully assess risks, pay attention to market trends, and make informed decisions based on their own risk tolerance. The market movements in the coming days will provide important clues for the short-term development direction of cryptocurrency.