term structure

A steep term structure means near-term options carry much higher implied volatility than longer-dated ones.陡峭的期限结构意味着近期期权比远期期权具有高得多的隐含波动率。

The term structure often inverts around major events like halvings, as near-term uncertainty spikes dramatically.期限结构经常在减半等重大事件前后发生倒挂，因为近期不确定性急剧飙升。