儘管部位有限，比特幣 ETF 選擇權的推出標誌著里程碑

貝萊德 (BlackRock) 的 IBIT 是美國首個推出與選擇權相關的現貨比特幣 ETF。其餘的包將於週三晚些時候發布。

The launch of options tied to U.S. spot bitcoin exchange-traded funds (ETFs) on Tuesday marked a significant milestone in the cryptocurrency's integration with traditional finance. However, these options faced tighter position limits compared to those in traditional markets.

週二推出與美國現貨比特幣交易所交易基金（ETF）相關的選擇權，標誌著加密貨幣與傳統金融融合的一個重要里程碑。然而，與傳統市場相比，這些選擇權面臨更嚴格的部位限制。

BlackRock's iShares Bitcoin Trust (IBIT) became the first bitcoin ETF to offer options, which began trading on Nasdaq. The ETF itself saw over $4 billion in volume, making it one of the most actively traded on the day.

貝萊德的 iShares 比特幣信託 (IBIT) 成為第一個提供選擇權的比特幣 ETF，並開始在納斯達克交易。該 ETF 本身的交易量超過 40 億美元，使其成為當天交易最活躍的ETF之一。

Among the bitcoin-linked products, IBIT options stood out with over $2 billion in notional value traded in options. This brought the total volume for bitcoin-linked products to over $6 billion, according to data from Coinglass.

在比特幣相關產品中，IBIT 選擇權脫穎而出，選擇權名義交易價值超過 20 億美元。根據 Coinglass 的數據，這使得比特幣相關產品的總交易量超過 60 億美元。

"For context, BITO had $363m and that's been around for four years. And also this is with 25,000 contract position limits," Balchunas said, referring to the ProShares bitcoin futures ETF (BITO), which launched in 2021.

Balchunas 表示：「就背景而言，BITO 擁有3.63 億美元，已經存在了四年。而且這還具有25,000 個合約頭寸限制。」他指的是2021 年推出的ProShares 比特幣期貨ETF (BITO) 。

The position limit size in IBIT and other bitcoin ETF options was approved for just 25,000 contracts at a given point in time, compared to the standard 100,000 contracts for options on the S&P 500 index.

IBIT 和其他比特幣 ETF 選擇權的部位限制規模在給定時間點僅獲批准為 25,000 份合約，而標準普爾 500 指數選擇權的標準部位限制為 100,000 份合約。

"That said, $1.9b isn't quite a big dog level yet, though, GLD did $5b today, but give it a few more days/weeks," Balchunas added.

「話雖如此，1.9b 美元還不是一個大狗水平，不過，GLD 今天達到了 5b 美元，但再等幾天/幾週，」Balchunas 補充道。

Pointing out the disparity in treatment, Jeff Park, head of alpha strategies at Bitwise, highlighted that the exercisable risk – the total value of option contracts exercised or converted to actual shares – amounted to less than 0.5% of IBIT's outstanding shares.

Bitwise 阿爾法策略主管 Jeff Park 在指出待遇上的差異時強調，可行使風險——已行使或轉換為實際股票的期權合約總價值——不到 IBIT 已發行股票的 0.5%。

"Meanwhile, the industry standard is closer to 7%, which would represent a comparative figure of 7% * 440,000,000 = 30.8m shares for IBIT," Park said in an interview on CNBC's "Closing Bell: Overtime."

「同時，業界標準接近 7%，這相當於 7% * 440,000,000 = 3,080 萬股 IBIT 的比較數字，」Park 在接受 CNBC 節目「收盤鐘：加班」採訪時表示。

"To put 0.5% in perspective, bitcoin CME futures contracts are permitted to trade 2,000 contracts, which is the equivalent of 175,000 for IBIT," he added.

「以 0.5% 的角度來看，CME 比特幣期貨合約允許交易 2,000 份合約，相當於 IBIT 的 175,000 份合約，」他補充道。

According to Park, he believed the CME Group (CME) prefers bitcoin to trade primarily as a futures asset, which is evident in the launch of products like "BFFs [Bitcoin Friday futures]."

Park 表示，他認為芝商所 (CME) 更喜歡將比特幣主要作為期貨資產進行交易，這一點在推出「BFFs [比特幣週五期貨]」等產品中就可見一斑。

"If the CFTC had been as politicized as the SEC, we might not have had a fair launch at all," Park said of the regulatory bodies overseeing the bitcoin futures and spot ETF launches, respectively.

Park 在談到分別監督比特幣期貨和現貨 ETF 發行的監管機構時表示：“如果 CFTC 和 SEC 一樣政治化，我們可能根本無法公平推出。”

Despite the limited options available, BTC price managed to reach new all-time highs above $94,000 on Tuesday.

儘管可用的選擇有限，但 BTC 價格在周二仍創下了 94,000 美元以上的歷史新高。

Moreover, Glassnode data showed that options open interest, which represents the dollar value of the number of active contracts, crossed $40 billion for the first time.

此外，Glassnode數據顯示，選擇權未平倉合約（代表活躍合約數量的美元價值）首次突破400億美元。

This stood in contrast to futures open interest, which amounted to $60 billion, highlighting the potential for further growth in the options market.

這與高達 600 億美元的期貨未平倉合約形成鮮明對比，凸顯了選擇權市場進一步成長的潛力。

Meanwhile, Farside data indicated that bitcoin ETFs saw a net inflow of $816.4 million, bringing the total net inflow to $28.5 billion.

同時，Farside數據顯示，比特幣ETF淨流入8.164億美元，使總淨流入達到285億美元。