Galaxy Digital 的 Alex Thorn 強調衍生性商品對比特幣市場的變革潛力

Galaxy Digital 研究主管 Alex Thorn 週二強調了衍生性商品對比特幣市場的變革潛力

Galaxy Digital’s Head Of Research On Bitcoin Options, Institutions, And Volatility

Galaxy Digital 比特幣選擇權、機構與波動性研究主管

Head of research at Galaxy Digital, Alex Thorn, highlighted the transformative potential of derivatives for the Bitcoin market, particularly with the launch of options on BlackRock’s iShares Bitcoin ETF (NYSE:IBIT) on Nasdaq.

Galaxy Digital 研究主管 Alex Thorn 強調了衍生性商品對比特幣市場的變革潛力，特別是貝萊德在納斯達克推出的 iShares 比特幣 ETF（NYSE：IBIT）選擇權。

What Happened: Highlighting the significant impact derivatives could have on Bitcoin (CRYPTO: BTC) liquidity and institutional participation, he told Bloomberg on Tuesday, “All other markets—commodities, equities—the derivatives markets are orders of magnitude larger than spot markets.”

發生了什麼事：他週二向彭博社表示，他強調了衍生性商品可能對比特幣（CRYPTO：BTC）流動性和機構參與產生的重大影響，「所有其他市場——大宗商品、股票——衍生性商品市場都比現貨市場大幾個數量級。

“You can imagine if we get into a bull market… those options could be really impactful,” he added.

「你可以想像，如果我們進入牛市……這些選擇可能會產生真正的影響，」他補充道。

Speaking with Bloomberg, Thorn pointed out that options provide institutions with more sophisticated tools to hedge and manage risk.

索恩在接受彭博採訪時指出，選擇權為機構提供了更複雜的工具來對沖和管理風險。

Unlike futures, options offer flexibility and granularity, making them a preferred instrument for certain strategies.

與期貨不同，選擇權提供靈活性和粒度，使其成為某些策略的首選工具。

The new onshore options market could also attract retail investors, who account for 44% of U.S. equity options trading but have had limited access to Bitcoin derivatives.

新的在岸選擇權市場也可能吸引散戶投資者，他們占美國股票選擇權交易的 44%，但獲得比特幣衍生性商品的機會有限。

Thorn suggested the potential for broader adoption, saying, “I would be surprised if these options don’t become accessible to retail platforms like Robinhood soon.”

索恩提出了更廣泛採用的潛力，他說：“如果像 Robinhood 這樣的零售平台不能很快使用這些選項，我會感到驚訝。”

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Why It Matters: The introduction of options on IBIT comes as Bitcoin made a new high of $93,639 on Tuesday afternoon, according to CoinGecko data.

重要性：根據 CoinGecko 數據，IBIT 選擇權的推出正值比特幣週二下午創下 93,639 美元新高。

Thorn pointed out that the additional liquidity from options markets could help reduce Bitcoin’s volatility over time.

索恩指出，隨著時間的推移，來自期權市場的額外流動性可能有助於減少比特幣的波動性。

“As volatility comes down, people can take larger position sizes, and you should see Bitcoin become more stable,” he noted. This stabilization could encourage more institutions to enter the market, bolstering Bitcoin’s role as a financial asset.

他指出：“隨著波動性下降，人們可以持有更大的頭寸，你應該會看到比特幣變得更加穩定。”這種穩定可能會鼓勵更多機構進入市場，從而增強比特幣作為金融資產的作用。

Thorn also addressed the ongoing debate around Bitcoin as a safe-haven asset amid geopolitical tensions.

索恩也談到了圍繞比特幣作為地緣政治緊張局勢中的避險資產的持續爭論。

While some still view Bitcoin as a high-risk investment, he argued that its global liquidity and trading activity make it increasingly resilient.

儘管有些人仍然將比特幣視為高風險投資，但他認為其全球流動性和交易活動使其越來越有彈性。

“Over time, as it’s more widely held, Bitcoin’s volatility will decrease, and its use case will extend beyond being a speculative asset,” he concluded.

「隨著時間的推移，隨著比特幣被更廣泛地持有，比特幣的波動性將會降低，它的用途將超越投機資產的範圍，」他總結道。