CFTC 通知顯示比特幣 ETF 選擇權可能正在醞釀中

比特幣 ETF 選擇權將受到美國證券交易委員會 (SEC) 的監管。未透露正式上市日期。

The Commodity Futures Trading Commission (CFTC) has issued a staff advisory on Friday regarding Bitcoin ETF Options. The official press release also offered some regulatory clarity. It revealed that the new Options will be regulated by the U.S Securities and Exchange Commission (SEC).

商品期貨交易委員會 (CFTC) 週五發布了有關比特幣 ETF 選擇權的員工建議。官方新聞稿也提供了一些監管明確性。據透露，新選擇權將受到美國證券交易委員會（SEC）的監管。

This development is significant as it will pave the way for Spot Bitcoin ETF Options to be cleared by the Options Clearing Corporation (OCC). As per the CFTC advisory, the SEC will be handling the regulatory oversight of these Options.

這項進展意義重大，因為它將為現貨比特幣 ETF 選擇權由選擇權清算公司 (OCC) 清算鋪平道路。根據 CFTC 的建議，美國證券交易委員會將負責這些選擇權的監管。

Upon receiving the SEC’s green light, the Options will then be listed on national securities exchanges. No official listing dates have been revealed yet. However, Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted that the SEC clearance is the second largest regulatory hurdle.

在獲得美國證券交易委員會的批准後，選擇權將在國家證券交易所上市。目前尚未透露正式上市日期。然而，彭博社高級 ETF 分析師 Eric Balchunas 強調，美國證券交易委員會的許可是第二大監管障礙。

According to Balchunas, a green light from the OCC would be the last remaining step before Bitcoin ETF Options finally hit the market. He also noted that the SEC has been clearing the path for Bitcoin ETF Options in recent months.

Balchunas 表示，OCC 的批准將是比特幣 ETF 選擇權最終上市之前的最後一步。他還指出，近幾個月來，美國證券交易委員會一直在為比特幣 ETF 選擇權掃清道路。

The biggest impact of this development is that Spot Bitcoin ETF Options will fuel BTC exposure in the United States, especially in a legal setting. It could potentially boost liquidity in the market by attracting more institutional traders.

這項發展的最大影響是，現貨比特幣 ETF 選擇權將增加 BTC 在美國的曝險，尤其是在法律環境下。它可能會透過吸引更多的機構交易者來增加市場的流動性。

The whole idea behind Spot Bitcoin ETF Options is to lend exposure to BTC without having to hold the underlying asset. The Options will also pave the way for more speculation in the market, which could potentially lead to more volatility and amplified price swings.

現貨比特幣 ETF 選擇權背後的整體理念是在無需持有標的資產的情況下借出 BTC 曝險。這些選擇權也將為市場上更多的投機行為鋪平道路，這可能會導致更大的波動性和更大的價格波動。

The additional volatility could be a double-edged sword as it could influence both the bulls and bears.

額外的波動可能是一把雙面刃，因為它可能同時影響多頭和空頭。

Bitcoin bulls have been very active in November so far, with a surge in both spot and derivatives volumes. Demand for Bitcoin in the derivatives segment hit its highest levels in history recently.

到目前為止，比特幣多頭在 11 月非常活躍，現貨和衍生性商品交易量都激增。衍生性商品領域對比特幣的需求最近達到了歷史最高水準。

To put things into perspective, its recent levels were higher than the levels seen during the peak of the previous bull run. The total Bitcoin Options Open Interest peaked at $38.75 billion on 14 November.

從長遠來看，其近期水準高於上一次牛市高峰期間的水準。 11 月 14 日，比特幣選擇權未平倉合約總額達到 387.5 億美元的高峰。

This was more than double the amount of Open Interest towards the peak of the previous bull run in October 2021. Also, the level of Open Interest was less than $5 billion towards the start of 2024.

這是 2021 年 10 月上一次牛市高峰時的未平倉量的兩倍多。

This puts into perspective just how much the Bitcoin derivatives segment has grown so far this year. In fact, this figure can be expected to rally even higher once the Spot Bitcoin ETF Options are launched.

這反映了今年迄今比特幣衍生性商品市場的成長程度。事實上，一旦現貨比特幣 ETF 選擇權推出，這個數字預計會進一步上漲。