貝萊德的 IBIT 選擇權正在挑戰 Deribit 在加密貨幣選擇權市場的主導地位

美國國內對受監管的加密產品的需求是真實的。美國 SEC 批准的與貝萊德現貨比特幣 (BTC) 交易所交易基金 (IBIT) 掛鉤的選擇權

The U.S. Securities and Exchange Commission (SEC)-approved options linked to BlackRock's spot bitcoin (BTC) exchange-traded fund (IBIT) are already almost half the size of Deribit's eight-year-old bitcoin options market.

美國證券交易委員會 (SEC) 批准的與貝萊德現貨比特幣 (BTC) 交易所交易基金 (IBIT) 相關的選擇權幾乎是 Deribit 已有八年歷史的比特幣選擇權市場規模的一半。

On Monday, there were 2.16 million open or active IBIT options contracts, representing a notional value of $11 billion, according to data from optioncharts.io. This notional value is calculated by multiplying the open interest by the ETF's price and the lot size of 100.

根據 optioncharts.io 的數據，週一有 216 萬份未平倉或活躍 IBIT 選擇權合約，名義價值為 110 億美元。此名目價值的計算方法是將持倉量乘以 ETF 的價格和手數 100。

The tally equates to 50% of the $23 billion locked in the open BTC options on Deribit at press time. One option contract on Deribit represents one BTC.

截至發稿時，這一數字相當於 Deribit 上未平倉 BTC 選擇權鎖定的 230 億美元的 50%。 Deribit 上的一份選擇權合約代表 1 個 BTC。

Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call provides the right to buy, and a put offer offers the right to sell.

選擇權是衍生性合約，賦予購買者在以後以預設價格購買或出售標的資產的權利。買權提供購買權，賣權提供出售權。

Similar to traditional markets, traders leverage crypto options to speculate on or hedge against price movements, volatility, and the effects of time (theta).

與傳統市場類似，交易者利用加密貨幣選擇權來投機或對沖價格變動、波動性和時間 (theta) 的影響。

Deribit has held a leading position for years, with traders and investors using its bitcoin and ether options to set up complex directional and non-directional strategies. However, the exchange's offshore status kept U.S.-based investors looking for regulated avenues at the bay. IBIT options are stepping in to fill that gap.

Deribit 多年來一直保持領先地位，交易者和投資者利用其比特幣和以太幣選擇權來製定複雜的定向和非定向策略。然而，該交易所的離岸地位讓美國投資者在海灣地區尋找受監管的途徑。 IBIT 選擇權正在填補這一空白。

"With BlackRock's spot Bitcoin ETF as its underlying asset, IBIT options appeal not only to institutional investors but also U.S. retail traders who favor regulated markets. This rapidly expanding segment is evident in the increasing demand for IBIT options," Volmex Finance, a crypto derivatives protocol, told CoinDesk in an email.

加密貨幣衍生性商品Volmex Finance 表示：「以貝萊德的現貨比特幣ETF 作為標的資產，IBIT 選擇權不僅吸引了機構投資者，也吸引了青睞受監管市場的美國零售交易者。這一快速擴張的細分市場在對IBIT 選擇權的需求不斷增長中得到了體現。

Volmex added that the growing popularity of IBIT options is challenging Deribit's dominance in the crypto options market. But Deribit CEO Luuk Strijers said IBIT options have created positive ripple effects for the industry.

Volmex 補充說，IBIT 選擇權的日益普及正在挑戰 Deribit 在加密選擇權市場的主導地位。但 Deribit 執行長 Luuk Strijers 表示，IBIT 選項為該行業帶來了積極的連鎖反應。

"IBIT options are predominantly traded by U.S. retail investors, a segment that historically has not had access to Deribit. As such, their activation has not negatively impacted our market activity. If anything, it has created positive effects by introducing new arbitrage opportunities and facilitating enhanced risk-offloading strategies for institutional participants as Deribit continues to act as the global repository for risk and volatility," Strijers told CoinDesk.

「IBIT 選擇權主要由美國散戶投資者進行交易，該部分歷史上無法訪問Deribit。因此，它們的激活並未對我們的市場活動產生負面影響。如果說有什麼影響的話，那就是它通過引入新的套利機會並促進隨著 Deribit 繼續充當全球風險和波動性儲存庫，我們加強了機構參與者的風險卸載策略。

Strijers explained that activity in IBIT options is concentrated in short-dated options, indicating the demand for lower premium (priced) options.

Strijers 解釋說，IBIT 選擇權的活動主要集中在短期選擇權，這表明對較低溢價（定價）選擇權的需求。