比特幣期權市場在年底到期時保持穩定，而以太坊期權則準備短暫波動

根據加密貨幣交易所 Bybit 和分析平台 Block Scholes 發布的報告，比特幣（BTC）永續合約的未平倉合約保持穩定

Crypto exchange Bybit and analytics platform Block Scholes have unveiled their latest report, shedding light on the dynamics of the Bitcoin and Ethereum options markets in the lead-up to the year-end expirations.

加密貨幣交易所 Bybit 和分析平台 Block Scholes 發布了最新報告，揭示了年底到期前比特幣和以太坊期權市場的動態。

As reported by Block Scholes, open interest (OI) in Bitcoin perpetual swaps remained largely stable throughout the year-end options expirations. This stability stood out, considering that options approaching their expiration dates usually trigger price swings.

根據布洛克‧斯科爾斯 (Block Scholes) 報道，比特幣永續合約的未平倉合約 (OI) 在年終選擇權到期期間基本上保持穩定。考慮到接近到期日的選擇權通常會引發價格波動，這種穩定性非常突出。

According to the report, traders appeared cautious yet confident in the stability of their options positions, opting not to rely heavily on perpetual contracts to hedge the delta of expiring options. As a result, Bitcoin OI remained relatively stable, despite exhibiting muted volatility and failing to recover to the higher levels seen in December.

報告稱，交易員對其選擇權部位的穩定性顯得謹慎但充滿信心，選擇不嚴重依賴永續合約來對沖到期選擇權的Delta。因此，儘管波動性較小且未能恢復至 12 月的較高水平，但比特幣 OI 仍保持相對穩定。

As previously reported by crypto.news, OI in Bitcoin futures fell below the $60 billion threshold. At the time of writing, total BTC OI stood at around $56.6 billion, having plunged at the beginning of January 2025. However, it remained higher compared to early November, when OI dropped below $40 billion.

正如 crypto.news 之前報導的那樣，比特幣期貨的 OI 跌破了 600 億美元的門檻。截至本文撰寫時，BTC 的 OI 總額約為 566 億美元，自 2025 年 1 月初暴跌以來。 不過，與 11 月初的 OI 跌破 400 億美元相比，該數字仍然較高。

The report also highlighted that the implied volatility term structure for BTC options remained steep, with implied volatility projected to stay at 57% over a one-week period for options trading five points lower.

該報告還強調，比特幣選擇權的隱含波動率期限結構仍然陡峭，選擇權交易的隱含波動率預計將在一周內保持在 57%，交易價格低 5 個點。

A large portion of the expired open interest was yet to be reinvested, resulting in a neutral call-put balance. This indicated that the BTC options market had limited leverage compared to early December 2024.

很大一部分已過期的未平倉合約尚未進行再投資，導致買權和賣權餘額呈現中性。這表明，與 2024 年 12 月初相比，比特幣選擇權市場的槓桿率有限。

Meanwhile, options in Ethereum remained largely stable throughout the end of December 2024. However, ETH's spot price showed lower volatility compared to its short-term implied volatility.

同時，以太坊選擇權在 2024 年 12 月底基本保持穩定。

Over the past week, the implied volatility term structure for ETH options briefly plunged before flattening out again. Unlike BTC's consistent downturn, ETH's pattern suggested that its options market might be preparing for potential short-term volatility in spot price movements.

過去一周，ETH 選擇權的隱含波動率期限結構短暫暴跌，然後再次趨於平緩。與 BTC 的持續低迷不同，ETH 的模式表明，其選擇權市場可能正在為現貨價格走勢的潛在短期波動做好準備。

Despite nearing expiration dates, ETH call options gained momentum at the beginning of 202

儘管接近到期日，ETH 看漲期權在 202 年初仍勢頭強勁