由于永续未平仓合约大幅下降，ETH 期权跑赢 BTC 期权

截至目前，Bybit 的衍生品潮流似乎发生了转变，自称为最大的加密货币交易交易所

Cryptocurrency exchange Bybit has recently announced a partnership with Blocks Scholes to provide derivatives analytics. The data shows that ETH perpetual trades have not risen above their peaks, while BTC currently dominates all forms of perps open interest and activity level.

加密货币交易所 Bybit 最近宣布与 Blocks Scholes 建立合作伙伴关系，提供衍生品分析。数据显示，ETH 永续交易尚未升至峰值，而 BTC 目前在所有形式的永续合约持仓量和活动水平上占据主导地位。

Both BTC and ETH have retraced in the past week, with BTC moving away from levels around $100,000 and ETH from levels close to $4,000. Analysts expect that open interest in ETH will decrease because it is performing poorly on the spot, while remaining somewhat bullish. The funding rate in the market is currently decreasing due to this cautionary stance.

过去一周，BTC 和 ETH 均出现回调，BTC 远离 100,000 美元左右的水平，ETH 则远离 4,000 美元附近的水平。分析师预计 ETH 的未平仓合约将减少，因为其现货表现不佳，但仍保持一定程度的看涨。由于这种谨慎立场，市场融资利率目前正在下降。

The report highlights several key trends in the derivatives market. ETH perpetual open interest has plunged due to the liquidation of highly leveraged long positions, which has reduced funding rates. Perpetual activity in BTC, on the other hand, remained largely flat throughout December 2024 but saw a brief spike when BTC crossed above $100K last week.

该报告强调了衍生品市场的几个主要趋势。由于高杠杆多头头寸的清算，导致资金利率下降，ETH 永续未平仓合约大幅下降。另一方面，BTC 的永久活动在 2024 年 12 月期间基本保持平稳，但当 BTC 上周突破 10 万美元时出现短暂飙升。

Following the unwinding of leveraged longs in perpetual swaps, the funding rate has moved into a range of about 0.01%, indicating that the market is adjusting exposure levels to being leveraged and avoiding extreme bearish sentiment.

随着永续合约杠杆多头平仓，资金费率已进入0.01%左右的区间，表明市场正在调整杠杆敞口水平，避免极端看跌情绪。

While ETH perpetual positions have declined, ETH options are outperforming BTC options. Options in ETH are remaining positive as end-of-year expirations approach, although trading volumes have decreased as spot price movements impact the market. Compared to BTC's flat structure, which is driven by realized volatility exceeding forward-looking expectations, ETH options have an inverted term structure.

尽管 ETH 永续头寸有所下降，但 ETH 期权的表现优于 BTC 期权。随着年底到期日的临近，以太坊期权仍然保持积极状态，尽管由于现货价格变动影响市场，交易量有所下降。与 BTC 的扁平结构（由实际波动率超出前瞻性预期驱动）相比，ETH 期权具有倒置的期限结构。

This report analyzes the trends in spot trading volume, futures, options, and perpetual contracts, providing a detailed overview of the evolution of the cryptocurrency derivatives markets.

本报告分析了现货交易量、期货、期权和永续合约的趋势，详细概述了加密货币衍生品市场的演变。