While the options market is small, it serves as an indicator of longer-term views because its participants tend to look further into the future than those trading in the spot market.
期权市场规模虽小,却可作为反映较长期观点的指标,因为该市场的参与者往往比现货市场投资者看得更长远。
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First of all, a "meltdown" is not a precisely defined term, which makes it fairly useless as an indicator of what's going on.