比特幣 ETF 選擇權第一天就吸引了 20 億美元，改變了 BTC 的市場結構

IBIT 選擇權於週二首次上線，市場參與者普遍預計此舉將吸引更多機構對比特幣 (BTC) 的興趣。

Options tied to BlackRock’s bitcoin exchange-traded fund IBIT clocked nearly $2 billion in notional exposure on their debut, a figure some analysts describe as “unheard of” for those metrics.

與貝萊德比特幣交易所交易基金 IBIT 相關的選擇權首次亮相時名目敞口接近 20 億美元，一些分析師稱這一數字對於這些指標來說是「聞所未聞的」。

“1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts,” Bloomberg Intelligence analyst James Seyffart said in an X post. “That's a ratio of 4.4:1.”

「第一天的選擇權透過 35.4 萬份合約交易的名義曝險接近 19 億美元。 28.9 萬是看漲期權，6.5 萬是看跌期權，」Bloomberg Intelligence 分析師 James Seyffart 在 X 帖子中表示。 “這個比例是 4.4:1。”

“These options were almost certainly part of the move to the new #Bitcoin all time highs today,” Seyffart added, highlighting bitcoin’s move to new record nights in late U.S. hours Tuesday.

Seyffart 補充道：「這些選擇權幾乎肯定是#Bitcoin 今天邁向歷史新高的一部分。」他強調了比特幣在周二美國時段創下新紀錄的夜晚。

Options on several of the 11 spot bitcoin ETFs on several exchanges were approved by the U.S. SEC in September, and more options products are expected to be available in the coming days.

多家交易所的 11 隻現貨比特幣 ETF 中的幾隻選擇權已於 9 月獲得美國 SEC 批准，預計未來幾天將推出更多選擇權產品。

Unpacking Options

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Options are financial derivatives that give the buyer the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an underlying asset at a specified price on or before a certain date.

選擇權是金融衍生性商品，賦予買方在特定日期或之前以指定價格買入（如果是買權）或賣出（如果是看跌選擇權）標的資產的權利，但沒有義務。

A call option gives the holder the right to purchase an asset at a specific price, known as the strike price, within a set time frame. A put option gives the holder the right to sell at the strike price within the specified period.

買權賦予持有者在設定的時間範圍內以特定價格（稱為執行價格）購買資產的權利。賣權賦予持有人在指定期限內以執行價格出售的權利。

Call options are purchased when expecting price increases; if correct, traders can exercise the option to buy at the strike price or sell it for a profit. Put options serve as insurance against price drops or for betting on declines, enabling selling at the strike price if it exceeds the market value.

當預期價格上漲時購買買權；如果正確，交易者可以行使以執行價買入或賣出的選擇權。賣權可作為防止價格下跌或押注下跌的保險，如果價格超過市場價值，則可以以執行價格出售。

How IBIT Options Could Change BTC Market Structure

IBIT 選擇權如何改變 BTC 市場結構

The use of options opens up a wide range of trading strategies for professional investors, which could increase market liquidity and alter the market structure.

選擇權的使用為專業投資者開闢了廣泛的交易策略，這可以增加市場流動性並改變市場結構。

Institutions that are particularly hesitant to trade on offshore unregulated avenues can use IBIT options to hedge bullish exposure while generating additional income by selling calls. Speculators can use IBIT call and put options to benefit from price movements, avoiding the hassle of owning the underlying asset.

對於在離岸不受監管的管道進行交易特別猶豫的機構可以使用 IBIT 選擇權來對沖看漲風險，同時透過出售買權產生額外收入。投機者可以使用 IBIT 買權和賣權從價格變動中獲益，避免擁有標的資產的麻煩。

Traders can also earn premiums by selling options, which is a passive income, especially in a stable or slowly declining market where the options might expire worthless. Such strategies are already popular among traders on leading options exchange Deribit.

交易者還可以透過出售選擇權來賺取溢價，這是一種被動收入，特別是在穩定或緩慢下滑的市場中，選擇權可能到期時一文不值。此類策略已經在領先的期權交易所 Deribit 的交易者中很受歡迎。

Regarding the impact on market structure, some analysts believe that the expected overwriting of IBIT calls would reduce implied volatility over the long term. In the short term, especially during a bull run, investor demand for calls could set the stage for a GameStop-like gamma squeeze.

關於對市場結構的影響，一些分析師認為，預期的IBIT買權覆蓋率將在長期內降低隱含波動率。短期內，尤其是在牛市期間，投資者對看漲期權的需求可能會為類似 GameStop 的伽馬擠壓奠定基礎。

Market structure describes how trading involves participants like investors and traders, how assets are bought or sold, and the regulations around specific asset classes.

市場結構描述了交易如何涉及投資者和交易者等參與者、資產如何買賣以及特定資產類別的法規。

Options provide more ways to trade, making it easier for professional investors to buy or sell without big price changes. Tracking options data could show what traders think will happen to prices, helping everyone understand market expectations.

選擇權提供了更多的交易方式，使專業投資者更容易在價格沒有大幅變化的情況下買賣。追蹤選擇權數據可以顯示交易者對價格的看法，幫助每個人了解市場預期。

Options can also predict and cause price swings near expiry, creating an opportunity for short-term trading.

選擇權還可以預測並導致臨近到期日的價格波動，從而為短期交易創造機會。