CBOE文件以列出並在現貨以太坊ETF上進行交易，反映了不斷增長的市場需求

CBOE BZX Exchange已正式向美國證券交易委員會（SEC）提交了19B-4申請，尋求批准以現貨以太坊交易所交易貿易資金（ETFS）上市和貿易選擇。

The Cboe BZX Exchange has filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list and trade options on spot Ethereum exchange-traded funds (ETFs).

CBOE BZX Exchange已向美國證券交易委員會（SEC）提交了19B-4申請，以列出現貨以太坊交易所交易基金（ETFS）的貿易選擇。

This move by Cboe comes as a pivotal step in expanding investor access to Ethereum, following the growing demand in the cryptocurrency market.

在加密貨幣市場的需求不斷增長的情況下，CBOE的這一舉動是擴大投資者進入以太坊的關鍵一步。

Cboe's proposal is set to broaden the range of investment tools available to market participants. By permitting options trading on Ethereum ETFs, investors will be provided with an accessible means to engage with Ethereum's price movements.

CBOE的建議旨在擴大市場參與者可用的投資工具的範圍。通過允許以太坊ETF進行期權交易，將為投資者提供一種可訪問的方式，以與以太坊的價格變動互動。

The 19b-4 filing includes funds such as those managed by Bitwise and Grayscale, notably the Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust, which hold Ethereum as their primary asset.

19b-4的備案包括基金和灰度管理的資金，尤其是灰度以太坊信託基金和灰度以太坊迷你信託基金，這些信託將以太坊視為其主要資產。

The exchange posits that these options will serve not only as another avenue for investors to gain exposure to Ethereum but also as a crucial hedging instrument against the inherent volatility of the cryptocurrency market.

交流表明，這些選擇不僅將作為投資者接觸以太坊的另一種途徑，而且還將作為一種至關重要的對沖工具，以抵抗加密貨幣市場的固有波動。

Notably, Cboe's filling follows on the heels of a similar proposal by NYSE American, which has yet to receive SEC approval, with the regulator citing concerns over market manipulation, investor protection, and ensuring a fair trading environment.

值得注意的是，紐約證券交易所美國人（NYSE American）的類似提議的緊隨其後，尚未獲得SEC批准，監管機構援引有關市場操縱，投資者保護和確保公平交易環境的擔憂。

The SEC's hesitance is rooted in Section 6(b)(5) of the Securities Exchange Act of 1934, which emphasizes the protection of investors and the maintenance of fair and orderly markets.

SEC的猶豫植根於1934年《美國證券交易法》第6（b）（5）條，該法強調了對投資者的保護和公平和有序的市場的維護。

Despite these challenges, Cboe's proposal is framed as a competitive response to NYSE's initiative, suggesting a potential market eagerness to see these financial products come to fruition.

儘管面臨這些挑戰，但CBOE的提議還是對紐約證券交易所倡議的競爭回應，這表明潛在的市場渴望看到這些金融產品實現了。

Cboe's approach in the filing underscores that Ethereum ETF options would be governed by the same stringent rules as other fund share options on its platform, including listing requirements, margin rules, and trading halts. This regulatory alignment aims to reassure the SEC of the proposal's adherence to existing frameworks, similar to those applied to Bitcoin ETF options, which were approved under similar regulatory scrutiny.

CBOE在申請中的方法強調，以太坊ETF期權將由其平台上的其他基金共享選項（包括上市要求，保證金規則和交易停止）的嚴格規則約束。這種監管一致性旨在使該提案遵守現有框架的SEC放心，類似於適用於比特幣ETF選項的框架，後者在類似的監管審查下批准了。

The recent period has seen a surging interest from investors in Ethereum ETFs, with these funds recording high trading volumes and net inflows.

最近的時期，投資者對以太坊ETF的興趣激增，這些資金記錄了較高的交易量和淨流入。

For instance, on February 4, 2025, Ethereum ETFs recorded a net inflow of $307.77 million, marking the highest single-day inflow of the year and indicating robust investor confidence.

例如，在2025年2月4日，以太坊ETF的淨流入量為3.077億美元，標誌著一年中最高的單日流入，表明投資者的信心強勁。

This performance not only supports the rationale behind introducing options trading but also highlights the market's preparation for such financial innovations.

這種績效不僅支持引入期權交易背後的基本原理，而且還強調了市場為這種金融創新的準備。

The introduction of options on Ethereum ETFs could stabilize Ethereum's price by enhancing market liquidity.

引入以太坊ETF的期權可以通過提高市場流動性來穩定以太坊的價格。

Options provide sophisticated risk management tools for institutional investors, allowing them to hedge against price fluctuations. Retail traders might leverage these options for speculative gains.

期權為機構投資者提供了複雜的風險管理工具，使他們可以對沖價格波動。零售交易者可能會利用這些選擇來獲得投機性收益。

This could lead to a more mature and stable market environment for Ethereum, fostering greater institutional adoption and contributing to the cryptocurrency's mainstream financial integration.

這可能會導致以太坊的更成熟和穩定的市場環境，從而促進了更大的機構採用，並為加密貨幣的主流金融整合做出了貢獻。

Industry experts, like Nate Geraci from The ETF Store, have indicated that the approval process might follow a timeline similar to that of spot Bitcoin ETFs, which took about 8-9 months from launch to options trading approval.

像ETF商店的Nate Geraci這樣的行業專家表示，批准過程可能會遵循與現場比特幣ETF相似的時間表，該時間表從啟動到期權交易批准的時間表大約8-9個月。

If this precedent holds, we might see options on Ethereum ETFs becoming a reality in the near future, potentially as soon as next month, assuming regulatory hurdles are cleared.

如果這種先例成立，我們可能會看到以太坊ETF的選擇在不久的將來成為現實，並有可能在下個月中立即清除監管障礙。