加密資產經理灰度列出了兩個通過比特幣的波動提供收入的新的交易所交易基金（ETF）

Crypto Asset Manager Grayscale列出了兩個新的交易所交易基金（ETF），通過比特幣（BTC）的特徵波動為投資者提供差異化​​的收入來源。

Crypto asset manager Grayscale has listed two new exchange-traded funds (ETFs) that offer investors a differentiated source of income through bitcoin’s (BTC) characteristic volatility.

Crypto Asset Manager Grayscale列出了兩個新的交易所交易基金（ETF），通過比特幣（BTC）的特徵波動為投資者提供差異化​​的收入來源。

The two New York Stock Exchange-listed funds will begin trading on Wednesday.

紐約證券交易所上市的兩項資金將於週三開始交易。

The Bitcoin Covered Call ETF (BTCC) and Bitcoin Premium Income ETF (BPI) offer covered call writing strategies, which involves selling call options to generate income on the premium received.

比特幣覆蓋的呼叫ETF（BTCC）和比特幣保費收入ETF（BPI）提供了覆蓋的呼叫寫作策略，其中涉及出售呼叫選項以在收到的保費上產生收入。

Call options are derivatives contracts betting on the price of an asset rising. They give the holder the right, but not the obligation, to buy the asset at a predetermined price within a define period of time.

呼叫選項是對資產上漲的價格下注的衍生品合同。他們賦予持有人在定義時間內以預定價格購買資產的權利，但沒有義務。

BTCC will be writing calls very close to spot prices to deliver income for investors seeking regular cash flow, with the options premiums possibly also providing a cushion against market downturns.

BTCC將致電非常接近現貨的電話，為尋求常規現金流的投資者提供收入，而期權溢價也可能還提供了針對市場低迷的墊子。

BPI, meanwhile, will be targeting options with strike prices that are well out-of-the-money, meaning the price is much higher than the spot price. This would allow investors to participate in much of BTC’s upside potential while benefitting from some dividend income, an emailed announcement from Grayscale on Wednesday stated.

同時，BPI的目標是以不利的貨幣銷售價格來定位選項，這意味著價格高於現貨價格。 Grayscale在周三表示，這將使投資者能夠參與BTC的大部分上升潛力，同時受益於某些股息收入。

The options contracts that both ETFs use will track other bitcoin ETFs, including Grayscale’s own Bitcoin Trust (GBTC) and Bitcoin Mini Trust (BTC).

兩種ETF使用的選項合同都將跟踪其他比特幣ETF，包括Grayscale自己的比特幣信託（GBTC）和比特幣迷你信託（BTC）。

Despite the surge in institutional investment into BTC through spot ETFs since their introduction in January 2024, bitcoin’s volatility does not appear to be going anywhere for the time being.

儘管自2024年1月推出以來，通過現場ETF向BTC進行機構投資激增，但比特幣的波動率似乎暫時沒有發生。

After gaining nearly 48% in the fourth quarter, the largest cryptocurrency kicked off 2025 by losing 12% in the historically bullish first quarter. It rose by 72% and 69% in the first quarters of 2023 and 2024, respectively, according to data tracked by Coinglass.

在第四季度獲得了近48％的股票後，最大的加密貨幣在2025年就在歷史上看漲的第一季度損失了12％。根據Coinglass跟踪的數據，它在2023年和2024年的第一季度分別上漲了72％和69％。

Hence, as institutional investors increase their exposure to bitcoin, there may be more demand for products that can offer differentiated sources of income to cushion against this volatility.

因此，隨著機構投資者增加對比特幣的風險，對可以提供差異化​​收入來源的產品可能會有更多的需求，以緩解這種波動。