加密貨幣OTC交易量激增後，美國替代幣吸引了新客戶

幾家加密貨幣貿易公司表明，美國大選的結果以及最近的加密貨幣價格上漲導致非處方交易量的迅速增加

Several cryptocurrency trading companies have noted that the results of the U.S. election and the recent rise in cryptocurrency prices have led to a rapid increase in over-the-counter (OTC) trading volume over the past few months.

幾家加密貨幣貿易公司指出，在過去幾個月中，美國大選的結果和最近的加密貨幣價格上漲導致非處方交易量的迅速增加。

Moreover, clients are beginning to pay more attention to altcoins beyond Bitcoin and Ethereum.

此外，客戶開始更加關注比特幣和以太坊以外的山寨幣。

Institutions prefer liquidity, and the emergence of markets like options significantly enhances their hedging efficiency.

機構更喜歡流動性，而諸如期權之類的市場的出現會大大提高其對沖效率。

Surge in OTC Trading

OTC交易激增

OTC trading is currently booming. This year's OTC trading volume has grown by 220% compared to last year.

OTC交易目前正在蓬勃發展。與去年相比，今年的OTC交易量增長了220％。

Jake Ostrovskis, an OTC trader at market maker Wintermute, said that at times, Wintermute has been in discussions with some clients for several years, preparing for their market participation, and this election has played a key role in finalizing those decisions.

市政商人Wintermute的OTC交易員傑克·奧斯特羅夫斯基斯（Jake Ostrovskis）說，有時，溫特姆特（Wintermute）與一些客戶進行了討論已有好幾年了，為他們的市場參與做準備，而這次選舉在完成這些決策方面發揮了關鍵作用。

"A few clients who had previously planned to begin trading in the fourth quarter of this year have now moved up the timeline and began trading in the third quarter. We've seen a noticeable shift in the pace of institutional client onboarding, with an acceleration in the past six months," said Ostrovskis.

奧斯特羅夫斯基斯說：“幾個以前計劃在今年第四季度開始交易的客戶現在已經上升了時間表，並從第三季度開始交易。我們已經看到機構客戶入職的步伐發生了明顯的轉變，在過去的六個月中，加速了。”

With the rise of BTC, ETH, and altcoins, both projects and investors have become more proactive in managing their funds and risks. Institutions and other organizations are also seeking new opportunities and ways to explore areas beyond BTC and ETH.

隨著BTC，ETH和Altcoins的興起，項目和投資者都在管理其資金和風險方面變得更加主動。機構和其他組織也正在尋求新的機會和方式來探索BTC和ETH以外的領域。

Institutions Value Liquidity, Options Markets Help with Hedging

機構重視流動性，期權市場有助於對沖

Market makers have also pointed out that clients are moving further along the risk curve, engaging with more cryptocurrencies, including Solana, BNB, Tron, and AAVE, in addition to Bitcoin and Ethereum.

做市商還指出，除了比特幣和以太坊外，包括Solana，BNB，Tron和Aave在內的更多加密貨幣正在沿風險曲線進一步發展。

This is because these cryptocurrencies offer the strongest liquidity, naturally drawing clients. Clearly, liquidity is the biggest driving force for institutions.

這是因為這些加密貨幣提供了最強的流動性，自然會吸引客戶。顯然，流動性是機構的最大驅動力。

As options are used more widely, the derivatives market is maturing. Large institutions engaging with cryptocurrencies need some form of hedging. Due to liquidity constraints, they might turn to OTC desks for options.

隨著選項的使用更廣泛，衍生品市場正在成熟。與加密貨幣相關的大型機構需要某種形式的對沖。由於流動性的限制，他們可能會轉向OTC桌子以尋求選項。

Most institutions heavily rely on these products to hedge their positions in stocks, bonds, or forex. The launch of Bitcoin ETF options has opened the door for major brokers to create cross-collateralization products, as using only the underlying ETFs to construct these products would be too costly.

大多數機構都在很大程度上依靠這些產品來對沖其在股票，債券或外彙的地位。比特幣ETF選項的推出為主要經紀人創建互面化產品打開了大門，因為僅使用基礎ETF來構建這些產品的成本太高。

According to data from SoSoValue, three Bitcoin ETFs that have issued related options are BlackRock's IBIT, Grayscale's GBTC, and BTC. As of 12/23, the total open interest (OI) amounted to $7.98 billion.

根據Sosovalue的數據，發出相關選項的三個比特幣ETF是BlackRock的IBIT，Grayscale的GBTC和BTC。截至12/23，總開放利息（OI）為79.8億美元。

Six Bitcoin Mutual Funds to List in Israel on 12/31

六個比特幣共同基金在以色列列出12/31

Additionally, according to CoinDesk, six mutual funds tracking Bitcoin prices have been approved by the Israel Securities Authority (ISA) last week and are expected to start trading on December 31, providing investors with more diverse channels to invest in BTC.

此外，根據Coindesk的說法，上週以色列證券管理局（ISA）批准了六項跟踪比特幣價格的共同基金，並預計將於12月31日開始交易，為投資者提供更多在BTC進行投資的渠道。

These six Bitcoin mutual funds are issued by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. However, insiders have revealed that initially, these funds will only trade once per day, with continuous trading to be opened in the future.

這六個比特幣共同基金由Migdal Capital Markets，More，Ayalon，Phoenix Investment，Meitav和Ibi發行。但是，內部人士透露，最初，這些資金每天只交易一次，將來要進行持續交易。