比特幣選擇權交易將如何改變加密貨幣市場

比特幣選擇權交易的興起為投資者打開了新的大門，增加了一定程度的靈活性和策略，而不僅僅是購買和持有數位資產。

The integration of bitcoin into the traditional financial (TradFi) landscape has been advancing rapidly, especially with the increasing popularity of derivatives like options. This development has opened up new possibilities for investors, adding a layer of flexibility and strategy that goes beyond simply buying and holding digital assets.

比特幣與傳統金融 (TradFi) 領域的整合一直在迅速推進，尤其是隨著選擇權等衍生性商品的日益普及。這一發展為投資者開闢了新的可能性，增加了一層靈活性和策略，而不僅僅是簡單地購買和持有數位資產。

In a recent roundtable discussion, Rob Nelson, the anchor, and Paul Giordano, the V.P. of Digital Asset Management at Marathon Digital, delved into this topic.

在最近的圓桌討論中，主播 Rob Nelson 和 Marathon Digital 數位資產管理副總裁 Paul Giordano 深入探討了這個主題。

“Are we now moving bitcoin into the space of being an actual tradable commodity, just like other mainstream TradFi assets?” Nelson asked.

“我們現在是否正在將比特幣轉變為真正的可交易商品，就像其他主流 TradFi 資產一樣？”納爾遜問。

Giordano highlighted the diverse range of options that bitcoin options provide traders. “Bitcoin itself is very, very heavily traded,” he said. He explained how bitcoin is already being transacted widely, but the introduction of ETFs has brought it more fully into traditional financial settings. “The ETF has brought the properties of bitcoin into the traditional financial world,” he noted.

佐丹奴強調了比特幣期權為交易者提供的多樣化選擇。 「比特幣本身的交易量非常非常大，」他說。他解釋了比特幣如何被廣泛交易，但 ETF 的引入使其更全面地融入傳統金融環境。 「ETF 將比特幣的特性帶入了傳統金融世界，」他指出。

Giordano further elaborated on how the options market enhances traders' control. “It just adds more ability to manage your exposures,” he explained, adding that options enable investors to enter and exit positions more quickly. “You don't have to pay for a hundred percent of the cost of these options because a lot of them are out of the-money,” he said.

佐丹奴進一步闡述了選擇權市場如何增強交易者的控制力。他解釋說：「它只是增加了管理風險敞口的能力。」他補充說，選擇權使投資者能夠更快地進入和退出頭寸。 「你不必為這些選擇權支付百分之百的成本，因為其中很多都是價外的，」他說。

However, not everyone in the bitcoin space is fully convinced that this development is entirely positive. Caitlin Long, a former Wall Street executive and the founder of Custodia Bank, has expressed concerns about the potential impact of a large bitcoin options market on the spot bitcoin price and the possibility of shell games, which have plagued traditional finance.

然而，並不是比特幣領域的每個人都完全相信這種發展是完全正面的。前華爾街高管、Custodia 銀行創始人凱特琳·朗 (Caitlin Long) 對大型比特幣期權市場對比特幣現貨價格的潛在影響以及可能出現的騙局表示擔憂，這些問題一直困擾著傳統金融。

“The issue with such layered financial products is that they can create feedback loops between the derivative price and the underlying spot price,” she said. “There’s a lot of leverage on the derivative itself, and there’s even more coming now with options. So the question is, which came first? The chicken or the egg? What drives the spot price?”

「這種分層金融產品的問題在於，它們可以在衍生性商品價格和基本現貨價格之間建立反饋循環，」她說。 「衍生性商品本身有很大的槓桿作用，而且現在還有更多的選擇權。那麼問題來了，哪個先出現呢？先有雞還是先有蛋？是什麼推動了現貨價格？

On the positive side, Giordano concluded that bitcoin options provide traders with more tools to manage risk and adjust their positions effectively, further deepening bitcoin’s role within both digital and traditional financial systems.

從積極的一面來看，佐丹奴得出的結論是，比特幣期權為交易者提供了更多工具來管理風險並有效調整頭寸，進一步深化比特幣在數位和傳統金融系統中的作用。