Rho vs Vega

The rate of change of an option's price relative to a 1% change in risk-free interest rates; minimal for short-dated crypto options; more relevant for longer-dated options when rates are elevated; typically the least important Greek for crypto options traders.

The rate of change of an option's price relative to a 1% change in implied volatility; long options have positive vega (gain value when IV rises); short options have negative vega (lose value when IV rises); the primary risk in bought options around anticipated events.