比特币期权市场在年底到期时保持稳定，而以太坊期权则准备短暂波动

根据加密货币交易所 Bybit 和分析平台 Block Scholes 发布的一份报告，比特币（BTC）永续合约的未平仓合约保持稳定

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.

加密货币交易所 Bybit 和分析平台 Block Scholes 发布了最新报告，揭示了年底到期前比特币和以太坊期权市场的动态。

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.

据布洛克·斯科尔斯 (Block Scholes) 报道，比特币永续合约的未平仓合约 (OI) 在年终期权到期期间基本保持稳定。考虑到临近到期日的期权通常会引发价格波动，这种稳定性非常突出。

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.

该报告称，交易员对其期权头寸的稳定性显得谨慎但充满信心，选择不严重依赖永续合约来对冲到期期权的Delta。因此，尽管波动性较小且未能恢复至 12 月的较高水平，但比特币 OI 仍保持相对稳定。

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 之前报道的那样，比特币期货的 OI 跌破了 600 亿美元的门槛。截至撰写本文时，BTC 的 OI 总额约为 566 亿美元，自 2025 年 1 月初暴跌以来。不过，与 11 月初的 OI 跌破 400 亿美元相比，该数字仍然较高。

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.

该报告还强调，比特币期权的隐含波动率期限结构仍然陡峭，期权交易的隐含波动率预计将在一周内保持在 57%，交易价格低 5 个点。

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.

很大一部分已过期的未平仓合约尚未进行再投资，导致看涨期权和看跌期权余额呈中性。这表明，与 2024 年 12 月初相比，比特币期权市场的杠杆率有限。

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.

与此同时，以太坊期权在 2024 年 12 月底基本保持稳定。然而，与短期隐含波动率相比，以太坊现货价格的波动性较低。

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.

过去一周，ETH 期权的隐含波动率期限结构短暂暴跌，然后再次趋于平缓。与 BTC 的持续低迷不同，ETH 的模式表明，其期权市场可能正在为现货价格走势的潜在短期波动做好准备。

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

尽管临近到期日，ETH 看涨期权在 202 年初仍势头强劲