bitcoin
bitcoin

$98667.24 USD 

-0.57%

ethereum
ethereum

$3346.45 USD 

-0.76%

tether
tether

$1.00 USD 

0.00%

solana
solana

$258.59 USD 

-0.52%

bnb
bnb

$671.77 USD 

6.76%

xrp
xrp

$1.54 USD 

12.23%

dogecoin
dogecoin

$0.461442 USD 

17.57%

usd-coin
usd-coin

$0.999984 USD 

0.00%

cardano
cardano

$1.09 USD 

27.07%

tron
tron

$0.209201 USD 

5.29%

avalanche
avalanche

$43.09 USD 

19.98%

shiba-inu
shiba-inu

$0.000027 USD 

8.53%

toncoin
toncoin

$5.65 USD 

2.76%

stellar
stellar

$0.434402 USD 

54.86%

polkadot-new
polkadot-new

$7.71 USD 

25.96%

加密貨幣新聞文章

貝萊德歷史性比特幣 ETF 選擇權第一天

2024/11/21 12:00

貝萊德的比特幣 ETF 選擇權歷史性首次亮相,首日交易名義價值近 19 億美元。

貝萊德歷史性比特幣 ETF 選擇權第一天

BlackRock’s (NYSE:BLK) Bitcoin ETF options made a historic debut on Friday, recording nearly $1.9 billion in notional value traded on the first day.

貝萊德 (NYSE:BLK) 的比特幣 ETF 選擇權於週五歷史性首次亮相,首日交易名義價值近 19 億美元。

As the market opened, traders wasted no time in exploring the newly available options chains. Among the key observations made by Bitwise Invest’s Head of Alpha Strategies Jeff Park throughout the trading day were:

隨著市場開盤,交易者立即探索新可用的選擇權鏈。 Bitwise Invest 的 Alpha 策略主管 Jeff Park 在整個交易日中所做的主要觀察包括:

The market quickly established a “volatility smile” by 9:45 AM, which persisted and widened as the day progressed. In fact, the smile got even wider throughout the day, finishing with higher wings by EoD.

到上午 9 點 45 分,市場迅速形成了“波動微笑”,隨著時間的推移,這種微笑持續存在並擴大。事實上,一整天,笑容都變得更加燦爛,最後,EoD 的翅膀更高了。

Analyzing the BVIV Index from Volmex Finance, we can see that the implied volatility (IV) movements did not align predictably with Bitcoin’s price trajectory. More interestingly, it did NOT match the upward sloping BTC price movement (then down) in a predictable way.

透過分析 Volmex Finance 的 BVIV 指數,我們可以看到隱含波動率 (IV) 走勢與比特幣的價格軌跡並不符合預期。更有趣的是,它並沒有以可預測的方式匹配比特幣價格的向上傾斜(然後向下)。

The most heavily traded contract was the 01/17/24 C55 call option, exceeding 40,000 contracts. As I shared yesterday, the 25k limit is too small relative to the deep liquidity IBIT has demonstrated over the months.

交易量最大的合約是 2024 年 1 月 17 日的 C55 看漲期權,超過 40,000 份合約。正如我昨天分享的那樣,相對於 IBIT 幾個月來所展現的深度流動性而言,25k 的限額太小了。

We can also see a true lottery ticket in the 12/20/24 C100 call option, which is trading at an implied volatility of 105% and a delta of just 3%. This option saw heavy volume early in the trading day. The implied vol cleared at 105%. Even more interesting was how heavy the volume was at the first hour of the market open. It means a serious investor was loading it up at 10AM, and the price steadily increased with vol getting bid up. This was likely the been the biggest vega opportunity of the day.

我們還可以在 12/20/24 C100 買權中看到真正的彩票,該選擇權的隱含波動率為 105%,Delta 僅為 3%。該選擇權在交易日早些時候成交量很大。隱含波動率結算為 105%。更有趣的是開盤第一個小時的成交量有多大。這意味著一位認真的投資者在上午 10 點開始買入,並且隨著成交量的上漲,價格穩步上漲。這可能是當天最大的維加機會。

The overall put/call ratio stood at approximately 0.23, indicating a strong preference for call options over puts. However, what is even more interesting is if you segment it by Expiry Date. Longer-dated expiries, such as the January 2026/2027 contracts, exhibited an even lower put/call ratio of 0.08. That means there is roughly a 10x imbalance for upside, highlighting an extremely bullish sentiment.

整體看跌/買權比率約為 0.23,顯示人們對看漲期權的偏好強於看跌期權。然而,更有趣的是,如果您按到期日期對其進行細分。到期日較長的合約,例如 2026/2027 年 1 月的合約,看跌/看漲期權比率甚至更低,為 0.08。這意味著上行空間存在約 10 倍的失衡,凸顯極度看漲的情緒。

Contrary to some expectations, MicroStrategy’s (NASDAQ:MSTR) options trading remained robust despite the launch of IBIT options. MSTR’s vol decoupled with Bitcoin meaningfully in the last hour, where it closed even higher than where we started in the day. MSTR is in its own league.

與一些預期相反,儘管推出了 IBIT 選擇權,MicroStrategy (NASDAQ:MSTR) 的選擇權交易仍然強勁。 MSTR 的成交量在最後一小時與比特幣有意義地脫鉤,其收盤價甚至高於當天的開盤價。 MSTR 屬於自己的聯盟。

As we look ahead, we can expect the launch of BITB options, which will provide another option chain alongside IBIT and others for investors to consider before buying/selling and determining where the best value may lie. I believe non-institutional trading will gravitate toward non-IBIT ETFs, which could present more opportunities for professional retail investors.

展望未來,我們預計將推出 BITB 選擇權,它將與 IBIT 和其他選擇權一起提供另一個選擇權鏈,供投資者在購買/出售並確定最佳價值所在之前考慮。我相信非機構交易將傾向非 IBIT ETF,這可能為專業散戶投資者帶來更多機會。

Bloomberg ETF expert James Seyffart also provided additional commentary on the massive trading volumes, noting that the final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. Of these, 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. I suppose that helped propel Bitcoin to new all-time highs during the day.

彭博 ETF 專家 James Seyffart 也對巨額交易量提供了補充評論,指出 IBIT 第一天期權的最終統計通過 35.4 萬份合約交易的名義敞口略低於 19 億美元。其中,289,000 手為買權,65,000 手為看跌期權。比例為 4.4:1。我認為這有助於推動比特幣在當天創下新的歷史高點。

When crypto analyst James Van Straten queried about the notional target and position limits, Seyffart acknowledged the constraints, adding that the 25k position limit is likely a weight on volume and Open Interest for [the] foreseeable future.

當加密貨幣分析師 James Van Straten 詢問名義目標和頭寸限制時,Seyffart 承認存在這些限制,並補充說,在可預見的未來,25,000 個頭寸限制可能會影響交易量和未平倉合約。

As for the rationale behind the limits, Seyffart noted that it’s not standard, but the SEC and CFTC were definitely worried about market manipulation etc. Was part of the requirement to get approved!

至於限制背後的理由,Seyffart 指出,這不是標準,但 SEC 和 CFTC 肯定擔心市場操縱等問題。

At press time, BTC traded at $93,404.

截至發稿時,BTC 交易價格為 93,404 美元。

新聞來源:bitcoinist.com

免責聲明:info@kdj.com

所提供的資訊並非交易建議。 kDJ.com對任何基於本文提供的資訊進行的投資不承擔任何責任。加密貨幣波動性較大,建議您充分研究後謹慎投資!

如果您認為本網站使用的內容侵犯了您的版權,請立即聯絡我們(info@kdj.com),我們將及時刪除。

2024年11月23日 其他文章發表於