市场在年底期权到期前表现出弹性：Bybit x Block Scholes 加密衍生品报告

Cryptocurrency exchange Bybit, the world’s second largest by trading volume, has released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes. The report highlights the muted market volatility despite major options expirations on Friday.

全球交易量第二大加密货币交易所Bybit与Block Scholes合作发布了最新的加密货币衍生品分析报告。该报告强调，尽管主要期权于周五到期，但市场波动依然温和。

With more than $525 million in BTC and ETH options contracts expiring on Friday, expectations for volatility are surprisingly subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.

由于超过 5.25 亿美元的 BTC 和 ETH 期权合约将于周五到期，市场对波动性的预期出人意料地低迷。该报告强调了 ETH 波动结构的异常反转，但 BTC 并未反映这种反应。此外，融资利率的变化（有时随着现货价格下跌而变为负数）标志着新的市场阶段。值得注意的是，BTC 的波动结构对现货价格变化的反应较弱，而 ETH 的短期期权则表现出更明显的波动。

Key Findings:

主要发现：

BTC Options Expirations:

比特币期权到期：

In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.

过去一个月，BTC的实际波动率三次高于隐含波动率，每次都达到相对平静的平衡。比特币期权的未平仓合约仍然很高，随着年底的临近，波动性可能会增加。价值约 3.6 亿美元的 BTC 期权（包括看跌期权和看涨期权）即将到期，这可能会影响价格走势。

ETH Options: Calls Dominate

ETH 期权：看涨期权占主导地位

Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.

尽管周中出现反转，但 ETH 的波动性期限结构已趋于平缓，维持与过去一个月类似的水平。在 2024 年的最后一周，看涨期权超过了 ETH 期权未平仓合约的看跌期权，尽管市场走势和交易活动更多地偏向看跌期权。

Access the Full Report:

访问完整报告：

Users can gain deeper insights and explore the potential impacts on their crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)

用户可以在此处下载完整报告，获得更深入的见解并探索对其加密货币交易策略的潜在影响：Bybit X Block Scholes 加密货币衍生品分析报告（2024 年 12 月 24 日）

#Bybit / #BybitResearch

About Bybit

关于Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving 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. 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. Users can discover the future of decentralized finance at Bybit.com.

Bybit 是全球交易量第二大的加密货币交易所，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。 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。用户可以在Bybit.com探索去中心化金融的未来。

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