Bybit 和 Block Scholes 在特朗普就职前发布每周加密货币衍生品市场报告

全球交易量第二大加密货币交易所 Bybit 与 Block Scholes 合作发布了最新的每周加密衍生品报告。

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货币交易所 Bybit 与 Block Scholes 合作发布了最新的每周加密货币衍生品报告。该报告提供了特朗普就职前衍生品市场走势和信号的最后鸟瞰图。

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.

在没有重大新闻事件的情况下，衍生品市场整体在今年第二周恢复正常，现货市场也平稳运行。然而，冬歇期平静之后，实际波动率已经赶上隐含波动率，表明市场更加活跃。永续合约的交易量已经正常化，尽管参与者似乎正在等待更明确的特定于加密货币的催化剂以进行更果断的定位。

Here are some key insights from the report:

以下是该报告的一些重要见解：

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.

尽管现货价格波动，但永续掉期融资利率整周仍保持正值。这表明多头头寸的需求持续存在，交易员预计价格将会上涨。排名前列的永续合约中，BTC、ETH、CRV、ATOM 的资金费率各不相同。虽然 BTC 和 ETH 价格基本保持稳定，但 CRV 整周价格持续看涨，而 ATOM 较月度高点下跌 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.

假期平静过后，比特币的实际波动率已恢复至再次与隐含水平相匹配。虽然短期期权显示对冲活动有所增加，尤其是在下行方面，但较长期合约仍保持看涨倾向，隐含波动率在 50 左右。这得到了看涨期权和看跌期权之间平衡的未平仓合约的支持。

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 数据引发了 BTC 和 ETH 波动率的转变，价外看涨期权显示的隐含波动率高于 BTC 10 万水平附近的看跌期权。这标志着上周看空的短期情绪出现逆转，凸显了市场对宏观因素的敏感度。

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

完整报告可供下载，其中包括对波动趋势、融资利率和期权市场动态的详细分析。

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.

按交易量计算，Bybit 是全球第二大加密货币交易所，为超过 6000 万用户的全球社区提供服务。 Bybit 成立于 2018 年，通过为每个人创建一个更简单、开放和平等的生态系统，重新定义去中心化世界的开放性。 Bybit 重点关注 Web3，与领先的区块链协议进行战略合作，提供强大的基础设施并推动链上创新。

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 以其安全的托管、多样化的市场、直观的用户体验和先进的区块链工具而闻名，它弥合了 TradFi 和 DeFi 之间的差距，使构建者、创造者和爱好者能够释放 Web3 的全部潜力。

Discover the future of decentralized finance at Bybit.com.

在 Bybit.com 探索去中心化金融的未来。