BYBIT X Block Scholes：BTC波動率擊中了新的低點

通過交易量的全球第二大加密貨幣交易所Bybit已發布了其最新的每週加密衍生品分析報告

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest weekly crypto derivatives analytics report in partnership with Block Scholes. The latest edition highlights a six-day streak of gains in risk-on assets, driven by encouraging signals around potential US trade deals.

通過交易量的全球第二大加密貨幣交易所Bybit已與Block Scholes合作發布了其最新的每週加密衍生物分析報告。最新版本強調了六天的風險資產收益，這是由圍繞美國潛在貿易交易的信號驅動的。

The report provides in-depth analysis of macroeconomic indicators, spot market activity, and derivative trends across futures, perpetual contracts, and options. It reflects a market lifted by renewed confidence, yet still navigating recent volatility and heightened risk awareness.

該報告提供了對宏觀經濟指標，現貨市場活動以及期貨，永久合同和期權的衍生趨勢的深入分析。它反映了一個新的信心所取消的市場，但仍在導航最近的波動和提高風險意識。

Key highlights:

關鍵亮點：

Perp at Multi-Month High; Traders Remain Cautious

多個月高的PERP；交易者保持謹慎

After surging from $75,000 to over $95,000 in early April, Bitcoin has been trading sideways near $94,000 this week. Open interest has remained steady for April, hovering near all-time highs at $8 billion, while daily trade volumes have declined to $10 billion. Lower volumes have coincided with reduced realized volatility.

在4月初的75,000美元飆升至95,000美元以上之後，本週比特幣的交易價格接近94,000美元。四月份的開放興趣一直保持穩定，徘徊在有史以來的高點為80億美元，而每日貿易量下降到100億美元。較低的體積與降低實現的波動性相吻合。

Perpetual futures positioning suggests that traders are holding off on major bets, potentially awaiting the next breakout while remaining wary of recent sell-offs.

永恆的期貨定位表明，交易者正在拒絕主要賭注，可能等待下一次突破，同時保持對最近的拋售。

Bitcoin Volatility Drops to 18-Month Low

比特幣的波動率降至18個月低點

Bitcoin’s volatility has declined toward a key support zone between 35% and 40%—a range from which it has repeatedly rebounded over the past 18 months. Implied volatility has followed suit, dipping in line with a 10-point drop in realized volatility to just above 30%, the lower bound of its 18-month range. Options flows currently show a preference for puts, while the spot price remains stable. The volatility smile skews toward out-of-the-money (OTM) calls for longer-dated options, whereas short-dated options are close to neutral.

比特幣的波動率已在35％至40％之間下降，這一範圍在過去的18個月中反復反彈。隱含的波動率也隨之而來，與實現的波動率下降了10分，略高於30％以上，即其18個月範圍的下限。選項流目前顯示出對看跌期權的偏好，而現貨價格保持穩定。波動性的微笑偏向於貨幣外（OTM）呼籲使用更長的選項，而短期選項接近中立。

BTC Volatility Smile Tilts Toward OTM Calls

BTC波動性微笑向OTM通話傾斜

Bitcoin’s volatility smile now favors out-of-the-money (OTM) calls across all tenors, marking a reversal from the put-heavy skew seen earlier in April. Ether shows a similar short-term recovery, although longer-dated skew for ETH remains modestly bearish. Despite positive funding rates for ETH, longer-dated option smiles still lean toward puts, indicating mixed sentiment.

現在，比特幣的波動性微笑現在有利於全額貨幣（OTM）的電話，這標誌著4月初看到的重度偏斜的逆轉。 Ether顯示出類似的短期恢復，儘管ETH的較長偏差仍然適中看跌。儘管ETH的籌資率很高，但較長的期權仍然傾向於看來，表明情緒混合。

In contrast, BTC derivatives markets reflect stronger bullish signals, including positive funding rate spikes, steeper and more positive futures curves, and a more pronounced skew toward OTM calls.

相比之下，BTC衍生品市場反映了更強烈的看漲信號，包括積極的融資率尖峰，更陡峭，更積極的未來曲線，以及更明顯的偏向OTM呼叫。

About Bybit

關於bybit

Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume. It provides a wide range of cryptocurrency products and services, including spot trading, futures trading, options trading, and institutional services, to a global community of over 60 million users.

BYBIT成立於2018年，是通過交易量通過交易量的全球第二大加密貨幣交易所。它為全球擁有超過6000萬用戶的全球社區提供了廣泛的加密貨幣產品和服務，包括現貨交易，期貨交易，期權交易和機構服務。

Bybit is committed to building the best cryptocurrency ecosystem where users can easily engage with digital assets. The company is headquartered in the British Virgin Islands.

Bybit致力於建立最佳的加密貨幣生態系統，用戶可以輕鬆地使用數字資產。該公司總部位於英屬維爾京群島。

For more details about Bybit, please visit Bybit Press

有關BYBIT的更多詳細信息，請訪問Bybit Press

For media inquiries, please contact: media@bybit.com

有關媒體查詢，請聯繫：media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

有關更新，請關注：BYBIT的社區和社交媒體

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