比特幣因無聊而獲勝。現在，華爾街正在用它熟悉的裝飾來裝飾它。

開發人員越來越多地以意想不到的方式在比特幣的基礎區塊鏈上進行構建。華爾街也用交易所交易基金包裝等所有熟悉的裝飾來裝飾代幣，並允許交易者對沖頭寸和進行槓桿押注。

Bitcoin's boring nature used to be its strength, but now it's changing rapidly.

比特幣的無聊本質曾經是它的優勢，但現在它正在迅速改變。

For years, bitcoin's main value proposition was its boring nature. Investors couldn't do much with it besides buying and holding it, but that was precisely why the world's largest cryptocurrency was valuable. It was a commodity, like gold or corn, that didn's offer anything too fancy. Bitcoin's core team of developers intentionally moved as slowly as possible on anything that touched the base blockchain to avoid breaking things. This approach drove many of crypto's more cavalier coders to other blockchains, where they could tinker and build things like decentralized applications.

多年來，比特幣的主要價值主張是它的無聊。除了購買和持有它之外，投資者無法做太多事情，但這正是世界上最大的加密貨幣有價值的原因。它是一種商品，就像黃金或玉米一樣，沒有提供任何太花哨的東西。比特幣的核心開發團隊有意盡可能緩慢地處理任何觸及基礎區塊鏈的事情，以避免破壞事物。這種方法促使許多加密貨幣領域更大膽的編碼人員轉向其他區塊鏈，在那裡他們可以修補和建立去中心化應用程式等東西。

But the strategy worked. Traders poured their money into bitcoin not just because it was the OG coin but also because the network was robust and reliable, and they knew what they were getting. As solana reported hack after hack, bitcoin didn't really change. The asset was volatile, but aside from a major system upgrade that took four years to design and green light, bitcoin maintained its status as the world's biggest cryptocurrency by market cap by sticking to the status quo.

但這個策略奏效了。交易者將錢投入比特幣，不僅因為它是 OG 幣，還因為該網路強大而可靠，而且他們知道自己會得到什麼。正如 solana 報告的一次又一次的駭客攻擊一樣，比特幣並沒有真正改變。該資產波動很大，但除了花了四年時間設計和批准的重大系統升級之外，比特幣透過堅持現狀維持了其作為全球市值最大加密貨幣的地位。

However, times are changing for the original coin. Developers are increasingly building on bitcoin's base blockchain in surprising ways. Wall Street is also decking the coin with all its familiar trappings, like exchange-traded fund wrappers and allowing traders to hedge positions and make leveraged bets.

然而，原始硬幣的時代正在改變。開發人員越來越多地以令人驚訝的方式在比特幣的基礎區塊鏈上進行構建。華爾街也用所有熟悉的裝飾來裝飾加密貨幣，例如交易所交易基金包裝，並允許交易者對沖頭寸和進行槓桿押注。

In January, spot bitcoin ETFs started trading, opening the door to more mainstream investors. Last week, options on those spot crypto products finally went live on the Nasdaq and New York Stock Exchange. Additionally, CBOE Global Markets is set to list its first cash-settled bitcoin ETF options on Dec. 2.

一月份，現貨比特幣 ETF 開始交易，為更多主流投資者打開了大門。上週，這些現貨加密產品的選擇權終於在納斯達克和紐約證券交易所上線。此外，CBOE 全球市場將於 12 月 2 日上市其首個現金結算的比特幣 ETF 選擇權。

This new margin framework around bitcoin will allow both retail traders and institutions to increase their exposure to the asset class relative to their cash investments.

這種圍繞比特幣的新保證金框架將允許零售交易者和機構增加相對於現金投資的資產類別風險。