隨著華爾街用熟悉的裝飾來裝飾比特幣，它正在改變它的基調

多年來，比特幣憑藉無聊而獲勝。除了購買並持有它之外，投資者無法用它做太多事情。但這正是世界上最大的加密貨幣有價值的原因。

Bitcoin has been making headlines for years, but the cryptocurrency is finally changing in a big way.

比特幣多年來一直成為頭條新聞，但加密貨幣終於發生了巨大的變化。

Developers are increasingly building on bitcoin’s base blockchain in unexpected ways, and Wall Street is decking the coin out with all its familiar trappings.

開發人員越來越多地以意想不到的方式在比特幣的基礎區塊鏈上進行開發，而華爾街則用所有熟悉的裝飾來裝飾比特幣。

In January, spot bitcoin ETFs began trading, opening the door to more mainstream investors. Last week, options on those spot crypto products finally started to go live on the Nasdaq and New York Stock Exchange. CBOE Global Markets is also set to list its first cash-settled bitcoin ETF options Dec. 2.

一月份，現貨比特幣 ETF 開始交易，為更多主流投資者打開了大門。上週，這些現貨加密產品的選擇權終於開始在納斯達克和紐約證券交易所上線。 CBOE 全球市場也將於 12 月 2 日上市首個現金結算的比特幣 ETF 選擇權。

Creating this new margin framework around bitcoin means that both retail traders and institutions alike will be able to get more exposure to the asset class relative to how much cash they’re investing.

圍繞比特幣創建這個新的保證金框架意味著零售交易者和機構都將能夠相對於他們投資的現金數量獲得更多的資產類別曝險。

Collectively, the U.S.-issued spot bitcoin funds hold north of $100 billion in assets under management. Last week, they notched their largest weekly inflows on record, totaling more than $3.1 billion. And according to CoinShares, year-to-date net flows are up to $37 billion versus U.S. Gold ETFs, which drew around $309 million in their first year.

總的來說，美國發行的現貨比特幣基金管理的資產超過 1,000 億美元。上週，它們創下了有史以來最大的單週資金流入，總額超過 31 億美元。根據 CoinShares 的數據，今年迄今的淨流量高達 370 億美元，而美國黃金 ETF 在第一年就吸引了約 3.09 億美元。

Nearly half of those flows into the spot bitcoin products took place after U.S. interest rates were cut for the first time in four years in September.

近一半流入現貨比特幣產品的資金是在 9 月美國四年來首次降息之後發生的。

Vetle Lunde, head of research at K33 Research, told CNBC there has been record high open interest for futures on the CME derivatives exchange, the way most U.S. institutions currently buy bitcoin futures contracts. But a lot of traders have been waiting for options on spot bitcoin ETFs on major exchanges such as the NYSE and Nasdaq, since it enhances liquidity and offers hedging tools.

K33 Research 研究主管 Vetle Lunde 告訴 CNBC，CME 衍生性商品交易所的期貨未平倉合約創下歷史新高，這是大多數美國機構目前購買比特幣期貨合約的方式。但許多交易者一直在等待紐約證券交易所和納斯達克等主要交易所的現貨比特幣 ETF 選擇權，因為它可以增強流動性並提供對沖工具。

Lunde says that demand for leveraged long exposure to bitcoin and ether is climbing, with VolatilityShares’ BTC exposure hitting new all-time highs.

Lunde 表示，對比特幣和以太幣槓桿多頭敞口的需求正在攀升，VolatilityShares 的 BTC 曝險創下歷史新高。

Galaxy Digital’s trading team told CNBC the firm has observed significant volume in BlackRock’s IBIT ETF options, the first to launch on the Nasdaq last week. BlackRock is the largest digital asset manager in the world after it eclipsed Grayscale in August. BlackRock’s bitcoin trust IBIT holds $48.4 billion in bitcoin compared with the $34 billion in its gold trust.

Galaxy Digital 的交易團隊告訴 CNBC，該公司觀察到貝萊德 IBIT ETF 選擇權交易量很大，這是上週在納斯達克推出的首個選擇權。貝萊德 (BlackRock) 在 8 月超越灰階 (Grayscale)，成為全球最大的數位資產管理公司。貝萊德的比特幣信託 IBIT 持有 484 億美元的比特幣，而其黃金信託則持有 340 億美元的比特幣。

Options on IBIT had a blockbuster debut, with 353,716 contracts traded on its first day, according to Galaxy Digital. The firm noted that the previous most active debut of options trading was when Facebook options went live in 2012 and 360,000 contracts changed hands.

據 Galaxy Digital 稱，IBIT 選擇權首次亮相就引起轟動，首日交易量為 353,716 份合約。該公司指出，先前選擇權交易最活躍的首次亮相是在 2012 年 Facebook 選擇權上線時，當時有 36 萬份合約易手。

Galaxy sees notable trading activity extending out to January 2027, roughly halfway into Donald Trump’s administration. On the campaign trail, the president-elect had an about-face on bitcoin and went from criticizing digital assets to making big promises to the crypto industry. Bitcoin is up roughly 40% since Election Day, Nov. 5.

Galaxy 預計顯著的交易活動將持續到 2027 年 1 月，大約是唐納德·川普執政的中期。在競選過程中，當選總統對比特幣的態度發生了180度大轉變，從批評數位資產轉向對加密產業做出重大承諾。自 11 月 5 日選舉日以來，比特幣上漲了約 40%。

“This level of concentrated, long-dated activity reflects investor confidence in the ETF’s long-term growth potential, signaling bullish sentiment for the years ahead,” Galaxy’s trading team told CNBC.

Galaxy 的交易團隊告訴 CNBC：“這種集中、長期的活動水平反映了投資者對該 ETF 長期增長潛力的信心，預示著未來幾年的看漲情緒。”

Until now, offshore crypto native platforms such as Binance and Deribit have been the main marketplace for bitcoin derivatives trading. Galaxy told CNBC there is a noticeable volatility premium between Deribit, CME and IBIT, which could present arbitrage opportunities among the varying platforms offering derivatives trading.

到目前為止，Binance 和 Deribit 等離岸加密原生平台一直是比特幣衍生性商品交易的主要市場。 Galaxy 告訴 CNBC，Deribit、CME 和 IBIT 之間存在明顯的波動性溢價，這可能會在提供衍生性商品交易的不同平台之間提供套利機會。

On Friday, more than $9 billion in bitcoin options contracts expire on Deribit, which could lead to greater price volatility as the expiration date approaches.

週五，超過 90 億美元的比特幣選擇權合約在 Deribit 上到期，隨著到期日的臨近，這可能會導致價格波動更大。

“There’s a ton of leverage in the system right now,” Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC’s “Squawk Box” on Friday.

Galaxy Digital 執行長、長期加密貨幣投資者 Mike Novogratz 週五在 CNBC 的“Squawk Box”節目中表示：“目前系統中存在大量槓桿。”

“You look at the funding rates to do crypto in our market, right? The perpetual market, as high as they’ve been, the basis is high,” Novogratz said. “The crypto community is levered to the gills, and so there will be a correction.”

「你看看我們市場上加密貨幣的融資利率，對嗎？永續市場的水平一直很高，基差也很高。 “加密貨幣社區受到了槓桿作用，因此將會出現修正。”

Bitcoin was within striking distance of $100,000 on Friday but retrenched over the weekend. The cryptocurrency is currently trading at around $95,000.

週五，比特幣價格接近 10 萬美元，但週末有所回落。該加密貨幣目前的交易價格約為 95,000 美元。