BYBIT X Block Scholes：BTC波动率击中了新的低点

通过交易量的全球第二大加密货币交易所Bybit已发布了其最新的每周加密衍生品分析报告

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.

通过交易量的全球第二大加密货币交易所Bybit已与Block Scholes合作发布了其最新的每周加密衍生物分析报告。最新版本强调了六天的风险资产收益，这是由围绕美国潜在贸易交易的信号驱动的。

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.

该报告提供了对宏观经济指标，现货市场活动以及期货，永久合同和期权的衍生趋势的深入分析。它反映了一个新的信心所取消的市场，但仍在导航最近的波动和提高风险意识。

Key highlights:

关键亮点：

Perp at Multi-Month High; Traders Remain Cautious

多个月高的PERP；交易者保持谨慎

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美元飙升至95,000美元以上之后，本周比特币的交易价格接近94,000美元。四月份的开放兴趣一直保持稳定，徘徊在有史以来的高点为80亿美元，而每日贸易量下降到100亿美元。较低的体积与降低实现的波动性相吻合。

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

永恒的期货定位表明，交易者正在拒绝主要赌注，可能等待下一次突破，同时保持对最近的抛售。

Bitcoin Volatility Drops to 18-Month Low

比特币的波动率降至18个月低点

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.

比特币的波动率已在35％至40％之间下降，这一范围在过去的18个月中反复反弹。隐含的波动率也随之而来，与实现的波动率下降了10分，略高于30％以上，即其18个月范围的下限。选项流目前显示出对看跌期权的偏好，而现货价格保持稳定。波动性的微笑偏向于货币外（OTM）呼吁使用更长的选项，而短期选项接近中立。

BTC Volatility Smile Tilts Toward OTM Calls

BTC波动性微笑向OTM通话倾斜

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.

现在，比特币的波动性微笑现在有利于全额货币（OTM）的电话，这标志着4月初看到的重度偏斜的逆转。 Ether显示出类似的短期恢复，尽管ETH的较长偏差仍然适中看跌。尽管ETH的筹资率很高，但较长的期权仍然倾向于看来，表明情绪混合。

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衍生品市场反映了更强烈的看涨信号，包括积极的融资率尖峰，更陡峭，更积极的未来曲线，以及更明显的偏向OTM呼叫。

About Bybit

关于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成立于2018年，是通过交易量通过交易量的全球第二大加密货币交易所。它为全球拥有超过6000万用户的全球社区提供了广泛的加密货币产品和服务，包括现货交易，期货交易，期权交易和机构服务。

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致力于建立最佳的加密货币生态系统，用户可以轻松地使用数字资产。该公司总部位于英属维尔京群岛。

For more details about Bybit, please visit Bybit Press

有关BYBIT的更多详细信息，请访问Bybit Press

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

有关媒体查询，请联系：media@bybit.com

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

有关更新，请关注：BYBIT的社区和社交媒体

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