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Bloomberg Intelligence 分析師 James Seyffart 預測,美國比特幣交易所交易基金 (ETF) 選擇權最快可能在 2025 年初推出。
Bloomberg Intelligence analyst James Seyffart predicts that options on US Bitcoin exchange-traded funds (ETFs) could be available as early as early 2025.
Bloomberg Intelligence 分析師 James Seyffart 預測,美國比特幣交易所交易基金 (ETF) 選擇權最快可能在 2025 年初推出。
This anticipation follows the SEC’s recent authorization to list options on BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT).
這項預期是在 SEC 最近授權貝萊德的現貨比特幣 ETF iShares 比特幣信託 (IBIT) 上列出選擇權之後做出的。
However, the launch is pending final approval from the Commodity Futures Trading Commission (CFTC) and the Options Clearing Corporation (OCC). The SEC has set deadlines, but the CFTC and OCC do not.
然而,該推出尚待商品期貨交易委員會(CFTC)和選擇權清算公司(OCC)的最終批准。 SEC 設定了最後期限,但 CFTC 和 OCC 沒有設定。
According to Seyffart, the lack of urgency in the approval process could delay the introduction of the option market.
塞法特表示,審批過程缺乏緊迫性可能會推遲期權市場的推出。
As a result, the timeline is subject to change until industry stakeholders receive further regulatory clarity.
因此,在行業利益相關者得到進一步的監管明確之前,時間表可能會發生變化。
For those unfamiliar, traders have the option to buy or sell an asset at a specific price with options contracts.
對於那些不熟悉的人來說,交易者可以選擇透過選擇權合約以特定價格購買或出售資產。
This flexibility allows investors to either protect themselves against potential losses or speculate on price movements.
這種靈活性使投資者能夠保護自己免受潛在損失或對價格變動進行投機。
Many financial advisors consider options to be a valuable tool for managing market volatility.
許多財務顧問認為選擇權是管理市場波動的寶貴工具。
Institutions Likely To Embrace Bitcoin ETF Options
機構可能會接受比特幣 ETF 選擇權
The introduction of Bitcoin ETF options could significantly alter how financial advisors navigate market volatility.
比特幣 ETF 選擇權的推出可能會顯著改變財務顧問應對市場波動的方式。
Many advisors have expressed concerns about how Bitcoin’s price volatility affects their clients, especially during downturns.
許多顧問對比特幣的價格波動如何影響他們的客戶表示擔憂,尤其是在經濟低迷時期。
For advisors seeking to enter the cryptocurrency market while minimizing risks, options will serve as a valuable tool.
對於尋求進入加密貨幣市場同時最小化風險的顧問來說,選擇權將成為一個有價值的工具。
Next, Park discusses the broader market implications of Bitcoin ETF options.
接下來,Park 討論了比特幣 ETF 選擇權更廣泛的市場影響。
According to him, a portion of Bitcoin’s notional value will be "banked" through ETF options.
據他介紹,比特幣名義價值的一部分將透過 ETF 選擇權「存入銀行」。
This new framework addresses some of the challenges posed by Bitcoin’s capped supply and enables the creation of synthetic leverage.
這個新框架解決了比特幣供應上限帶來的一些挑戰,並且能夠創造合成槓桿。
Furthermore, the presence of a regulated market, overseen by the OCC, enhances protection against counterparty risk.
此外,受 OCC 監管的受監管市場的存在增強了針對交易對手風險的保護。
This aspect instills confidence in investors, fostering a safer environment for trading Bitcoin options.
這給投資者註入了信心,為比特幣選擇權交易創造了一個更安全的環境。
As a result, the regulated market is expected to attract more institutional investors seeking exposure to Bitcoin.
因此,受監管的市場預計將吸引更多尋求投資比特幣的機構投資者。
Bitcoin Options To Provide Innovative Investment Strategies for Traders
比特幣選擇權為交易者提供創新投資策略
Bitcoin ETF options could provide traders with a new set of investment strategies.
比特幣 ETF 選擇權可以為交易者提供一套新的投資策略。
According to Park, these options enable traders to calculate the desired leverage, incorporating "duration" into the equation.
Park 表示,這些選項使交易者能夠計算所需的槓桿率,並將「久期」納入等式中。
This capability contrasts with traditional options, which require daily rollovers that are often slow and inefficient.
此功能與傳統選項形成鮮明對比,傳統選項需要每日展期,通常緩慢且低效。
The new Bitcoin options will allow investors to establish long-term positions at a lower cost.
新的比特幣選擇權將允許投資者以較低的成本建立長期部位。
This approach enables them to gain exposure to Bitcoin’s price movements without the risks associated with fully collateralized positions.
這種方法使他們能夠接觸比特幣的價格變動,而無需承擔與完全抵押部位相關的風險。
As a result, investors can now generate meaningful upside potential at lower premium payments.
因此,投資者現在可以以較低的保費支付產生有意義的上漲潛力。
Additionally, Park highlights Bitcoin’s unique volatility characteristics, which are evident in the "Volatility Smile."
此外,Park 還強調了比特幣獨特的波動性特徵,這在「波動性微笑」中很明顯。
This suggests that upward volatility is still cheaper than downward volatility, which could be another advantage for traders.
這表明向上波動仍然比向下波動便宜,這可能是交易者的另一個優勢。
Due to the rarity of this phenomenon in traditional assets, Bitcoin stands out as a special commodity that can be used to capitalize on price momentum.
由於這種現像在傳統資產中很少見,比特幣作為一種特殊的商品脫穎而出,可以用來利用價格動力。
Bitcoin Is Undilutable, Unlike Traditional Stocks
與傳統股票不同,比特幣是不可稀釋的
Finally, Park notes that Bitcoin, unlike traditional stocks that can be diluted by issuing new shares, is not subject to dilution.
最後,帕克指出,與可以透過發行新股稀釋的傳統股票不同,比特幣不會被稀釋。
This demonstrates the validity of BTC’s appeal in cases of leveraged trading and distinguishes it from commodities like oil or natural gas, which are subject to delivery constraints.
這證明了比特幣在槓桿交易中的吸引力的有效性,並將其與石油或天然氣等受交割限制的商品區分開來。
The upcoming options market will serve as the first regulated, leveraged environment for Bitcoin.
即將推出的選擇權市場將成為比特幣第一個受監管的槓桿環境。
It marks a significant shift in how investors will engage with Bitcoin.
這標誌著投資者參與比特幣方式的重大轉變。
Combining the best attributes of a regulated market and Bitcoin can open up new avenues for investors.
將受監管市場的最佳屬性與比特幣結合可以為投資者開闢新的途徑。
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