11月21日，亚太市场全线重挫，截至收盘，MSCI亚洲新兴市场指数大跌2.78%，韩国首尔综指大跌 3.79%，日经225指数大跌2.4%。AI概念股、芯片股领跌，爱德万测试暴跌超12%，软银集团暴跌近 11%，SK海力士大跌近9%。 A股市场全天震荡调整，截至收盘，沪指跌2.45%，深成指跌3.41%，创业板指跌4.02%。沪深两市成交 金额1.97万亿元，较上一个交易日放量2575亿元。 与此同时，加密货币市场全线重挫，截至北京时间21日16:00，比特币日内大跌超8%，报84372美元； 以太坊日内暴跌超9%。加密金融服务公司Matrixport发表市场分析观点称，比特币目前进入极度恐慌区 间，市场悲观情绪回到近十年少见的低位。 来源：券商中国 全球金融市场画风突变。 受美股市场暴跌影响，市场避险情绪持续发酵，全球资产遭遇抛售潮。今日，亚洲交易时段，日韩股市 全线大跌，A股市场震荡调整，沪指跌超2%；欧洲股市亦集体低开，欧洲斯托克50指数、英国富时100 指数、法国CAC40指数、德国DAX30指数均跌超1%。另外，加密货币、黄金、原油等资产亦集体重 挫，比特币一度跌破82000美元，日内一度暴跌超9% ...

Core Viewpoint - The U.S. stock market experienced its most significant intraday reversal since April, with major indices dropping sharply, leading to a loss of over $2.7 trillion in market value, raising concerns among Wall Street traders about the underlying causes of the decline [5][6]. Market Performance - The S&P 500 index fell by 1.6%, marking a significant drop, while the Nasdaq 100 index saw a decline of 2.4%, reaching a new low since September, with a cumulative drop of 7.9% from its record high on October 29 [5][6]. - The VIX index, which measures expected stock volatility, rose above 26 for the first time since April, indicating increased market uncertainty [5][6]. Key Factors Behind the Decline - Concerns about whether AI projects can generate sufficient revenue or profits to justify substantial technological investments resurfaced [6]. - The strong employment report from September was interpreted as a signal that the Federal Reserve may not lower interest rates again this year [6]. - The drop in Bitcoin to a six-month low was viewed as a risk-off signal contributing to the stock market's decline [6]. - High stock valuations and rising volatility ahead of the expiration of approximately $3.1 trillion in nominal options were also cited as potential factors [6][7]. Analyst Insights - Analysts highlighted various unresolved economic and market challenges, including labor market strength, tariffs, inflation, and the sustainability of AI investments [11]. - Concerns about overvaluation and the trend of debt financing potentially overshadowing shareholder returns were emphasized [12]. - The mechanical outflow of funds from trend-following strategies could continue in the coming days, leading to further selling pressure [12]

PenderFund Capital Management首席投资官Greg Taylor： 来源：环球市场播报 处于人工智能竞争核心地位的芯片制造商发布的业绩令人惊艳。就业报告证实美国经济依然稳健。全球 最大零售商的季度财报表明消费者仍在支出。 尽管种种迹象表明美股将迎来风险偏好升温的一日，但交易大厅的乐观情绪并未持续太久。标普500指 数在开盘一小时后一度上涨1.9%，但随后抹去涨幅，到下午1点下跌1.1%，创下自4月市场动荡以来最 大反转，市值蒸发超过2万亿美元。VIX指数升破28。 关于此次股市走势反转的原因众说纷纭。一些交易员指出，人们再度担忧人工智能能否带来足够的收入 或利润以支撑对该技术的巨额投入。一些人认为比特币自4月以来首次跌破87，000美元是导致股市暴跌 的部分原因。一些股票交易员则表示，他们担心股票估值过高，以及临近周五期权到期日，市场波动性 可能会加剧。 以下是华尔街分析师、策略师和交易员对周四股市剧烈波动的看法： 海纳国际集团衍生品策略联席主管Chris Murphy： "随着英伟达财报尘埃落定，而美联储12月降息的可能性不大，投资者开始质疑还有什么因素能推动年 底上涨。据说商品交 ...

Group 1: Bitcoin Options Market - Over $5.4 billion in Bitcoin options are set to expire, with Bitcoin trading near $102,159 and open interest clustered at critical strike levels [1] - The maximum pain point for Bitcoin options is at $107,000, indicating where most traders may incur losses as expiration approaches [2] - The Put-to-Call ratio (PCR) is 0.79, reflecting cautious optimism among traders who are slightly bullish despite recent volatility [3] - Total open interest stands at 45,802 contracts, with calls (25,570) outnumbering puts (20,233), indicating a notional value exceeding $4.6 billion [4] - Open interest clustering near key strikes suggests a market awaiting decisive direction, with Bitcoin stabilizing above $100,000 [5] Group 2: Ethereum Options Market - Ethereum options are trading near $3,347, with a maximum pain point close to $3,800, and a put/call ratio of approximately 0.9, indicating balanced yet defensive positioning [6] - Open interest for Ethereum is skewed toward calls, with 109,997 calls versus 103,571 puts, resulting in a put/call ratio of 0.94 and a notional value of $716.85 million [7] - Traders are favoring defensive strategies such as calendar spreads and straddles to protect against downside while maintaining upside exposure [7] Group 3: Market Sentiment and Volatility - Despite warnings of structural fragility and end-of-cycle risks, many traders continue to sell options aggressively, indicating a persistent short volatility stance [8] - Concerns are focused on key levels for Bitcoin ($105,000, $102,000, and $97,000) and Ethereum ($3,650 and $3,400), fueling discussions about potential downside or ongoing market choppiness [8]

Core Insights - Deribit is set to experience the expiration of 154,000 BTC options this Friday at 16:00 (UTC+8), with a nominal value of $17.38 billion and a maximum pain price of $110,000, indicating a put/call ratio of 0.77 [1] - Additionally, ETH options have a nominal value of $5.5 billion, a maximum pain price of $3,700, and a put/call ratio of 0.76 [1] Summary by Category - **BTC Options** - Expiration of 154,000 BTC options on Deribit [1] - Nominal value of $17.38 billion [1] - Maximum pain price set at $110,000 [1] - Put/call ratio of 0.77 [1] - **ETH Options** - Nominal value of ETH options at $5.5 billion [1] - Maximum pain price at $3,700 [1] - Put/call ratio of 0.76 [1]

Report Title - EU Carbon Market Market Briefing (Issue No. 92, 2025) [1] Report Release Date - June 3, 2025 [2] Industry Investment Rating - Short-term: Neutral to bullish; Medium-term: Fluctuation range of €67 - 75 [2] Core Viewpoints - EUA is more correlated with TTF as it returns to the energy fundamentals [2] Market Conditions Auction - On June 2, 2025, the EUA auction price was 70.58 euros/ton (0.06%), the auction volume was 324,550 tons, the bid coverage ratio was 1.5, and the auction revenue was 229.07 million euros [2][4] Secondary Market - EUA futures settlement price was 70.91 euros/ton (0.71%), with a trading volume of 26,300 lots (0.66) [2] Strategy - Short-term: Neutral to bullish; Medium-term: Expected to fluctuate within the range of €67 - 75 [2] Core Logic Bullish Factors - Weaker renewable energy generation and rising electricity demand in Western Europe are expected to push up the residual load [2] Bearish Factors - The US announced to raise steel and aluminum tariffs from 25% to 50%, pressuring the European market; The June option expiration date is approaching, with the largest open interest of put options at €65 and call options concentrated at €80 [2] Other Factors - The US draft requires Iran to suspend uranium enrichment activities, and Iran rejected the US proposal on its nuclear program; Russia proposed a short and limited ceasefire and agreed to exchange prisoners with Ukraine [2][3] Data Charts - There are 6 charts showing EUA auction price, bid coverage ratio, futures and spot market information, price and basis, and December contract positions [4][5]