Bybit 和 Block Scholes 在川普就職前發布每週加密貨幣衍生性商品市場報告

全球交易量第二大加密貨幣交易所 Bybit 與 Block Scholes 合作發布了最新的每週加密衍生性商品報告。

World’s second-largest cryptocurrency exchange by trading volume, Bybit, has released the latest weekly crypto derivatives report in collaboration with Block Scholes. The report provides one last bird’s eye view of movements and signals in the derivatives market in the run-up to Trump’s inauguration.

全球交易量第二大的加密貨幣交易所 Bybit 與 Block Scholes 合作發布了最新的每週加密貨幣衍生性商品報告。該報告提供了川普就職前衍生性商品市場走勢和訊號的最後鳥瞰圖。

The overall derivatives market found its pace in the second week of the year in the absence of major news events, with the spot market also treading steadily. However, realized volatility has caught up with implied volatility following the winter break lull, indicating a more energized market. Trading volumes in perpetual contracts have normalized, though participants appear to be awaiting clearer crypto-specific catalysts for more decisive positioning.

在沒有重大新聞事件的情況下，衍生性商品市場整體在今年第二週恢復正常，現貨市場也穩定運作。然而，在冬歇期平靜之後，實際波動率已經趕上隱含波動率，顯示市場更加活躍。永續合約的交易量已經正常化，儘管參與者似乎正在等待更明確的特定於加密貨幣的催化劑以進行更果斷的定位。

Here are some key insights from the report:

以下是該報告的一些重要見解：

Perpetual swap funding rates maintained positive territory throughout the week despite spot price fluctuations. This indicates sustained demand for long positions, with traders expecting prices to rise. Among the top perpetual contracts, BTC, ETH, CRV, and ATOM funding rates varied. While BTC and ETH rates remained largely stable, CRV showed consistently bullish rates throughout the week, contrasting with ATOM which dropped 30% from monthly highs.

儘管現貨價格出現波動，永續掉期融資利率整週仍維持正值。這表明多頭部位的需求持續存在，交易員預計價格將會上漲。在排名前列的永續合約中，BTC、ETH、CRV、ATOM 的資金費率各不相同。雖然 BTC 和 ETH 價格基本上保持穩定，但 CRV 整週價格持續看漲，而 ATOM 較月高點下跌 30%。

After the holiday lull, BTC’s realized volatility has recovered to match implied levels again. While short-term options showed increased hedging activity, especially on the downside, longer-dated contracts maintained a bullish skew with high implied volatility in the 50s range. This is supported by balanced open interest between calls and puts.

假期平靜過後，比特幣的實際波動率已恢復至再次與隱含程度相符。雖然短期選擇權顯示對沖活動增加，尤其是在下行方面，但較長期合約仍維持看漲傾向，隱含波動率在 50 左右。這得到了看漲期權和看跌期權之間平衡的未平倉合約的支持。

Recent CPI data triggered a shift in BTC and ETH volatility smiles, with OTM calls showing higher implied volatility than puts near BTC’s 100K level. This marks a reversal from the previous week’s bearish short-term sentiment, highlighting the market’s sensitivity to macro factors.

最近的 CPI 數據引發了 BTC 和 ETH 波動率的轉變，價外看漲期權顯示的隱含波動率高於 BTC 10 萬水平附近的看跌期權。這標誌著上週看空的短期情緒出現逆轉，凸顯了市場對宏觀因素的敏感度。

The full report, which includes a detailed analysis of volatility trends, funding rates, and options market dynamics, is available for download.

完整報告可供下載，其中包括對波動趨勢、融資利率和選擇權市場動態的詳細分析。

World’s second-largest cryptocurrency exchange by trading volume, Bybit, serves a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation.

以交易量計算，Bybit 是全球第二大加密貨幣交易所，為超過 6,000 萬用戶的全球社群提供服務。 Bybit 成立於 2018 年，透過為每個人創造一個更簡單、開放和平等的生態系統，重新定義去中心化世界的開放性。 Bybit 專注於 Web3，與領先的區塊鏈協議進行策略合作，提供強大的基礎設施並推動鏈上創新。

Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3.

Bybit 以其安全的託管、多樣化的市場、直觀的用戶體驗和先進的區塊鏈工具而聞名，它彌合了TradFi 和DeFi 之間的差距，使構建者、創造者和愛好者能夠釋放Web3 的全部潛力。

Discover the future of decentralized finance at Bybit.com.

在 Bybit.com 探索去中心化金融的未來。