Galaxy Digital 的 Alex Thorn 强调衍生品对比特币市场的变革潜力

Galaxy Digital 研究主管 Alex Thorn 周二强调了衍生品对比特币市场的变革潜力

Galaxy Digital’s Head Of Research On Bitcoin Options, Institutions, And Volatility

Galaxy Digital 比特币期权、机构和波动性研究主管

Head of research at Galaxy Digital, Alex Thorn, highlighted the transformative potential of derivatives for the Bitcoin market, particularly with the launch of options on BlackRock’s iShares Bitcoin ETF (NYSE:IBIT) on Nasdaq.

Galaxy Digital 研究主管 Alex Thorn 强调了衍生品对比特币市场的变革潜力，特别是贝莱德在纳斯达克推出的 iShares 比特币 ETF（纽约证券交易所股票代码：IBIT）期权。

What Happened: Highlighting the significant impact derivatives could have on Bitcoin (CRYPTO: BTC) liquidity and institutional participation, he told Bloomberg on Tuesday, “All other markets—commodities, equities—the derivatives markets are orders of magnitude larger than spot markets.”

发生了什么：他周二向彭博社表示，他强调了衍生品可能对比特币（CRYPTO：BTC）流动性和机构参与产生的重大影响，“所有其他市场——大宗商品、股票——衍生品市场都比现货市场大几个数量级。”

“You can imagine if we get into a bull market… those options could be really impactful,” he added.

“你可以想象，如果我们进入牛市……这些选择可能会产生真正的影响，”他补充道。

Speaking with Bloomberg, Thorn pointed out that options provide institutions with more sophisticated tools to hedge and manage risk.

索恩在接受彭博社采访时指出，期权为机构提供了更复杂的工具来对冲和管理风险。

Unlike futures, options offer flexibility and granularity, making them a preferred instrument for certain strategies.

与期货不同，期权提供灵活性和粒度，使其成为某些策略的首选工具。

The new onshore options market could also attract retail investors, who account for 44% of U.S. equity options trading but have had limited access to Bitcoin derivatives.

新的在岸期权市场还可能吸引散户投资者，他们占美国股票期权交易的 44%，但获得比特币衍生品的机会有限。

Thorn suggested the potential for broader adoption, saying, “I would be surprised if these options don’t become accessible to retail platforms like Robinhood soon.”

索恩提出了更广泛采用的潜力，他说：“如果像 Robinhood 这样的零售平台不能很快使用这些选项，我会感到惊讶。”

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Why It Matters: The introduction of options on IBIT comes as Bitcoin made a new high of $93,639 on Tuesday afternoon, according to CoinGecko data.

重要性：根据 CoinGecko 数据，IBIT 期权的推出正值比特币周二下午创下 93,639 美元新高之际​​。

Thorn pointed out that the additional liquidity from options markets could help reduce Bitcoin’s volatility over time.

索恩指出，随着时间的推移，来自期权市场的额外流动性可能有助于减少比特币的波动性。

“As volatility comes down, people can take larger position sizes, and you should see Bitcoin become more stable,” he noted. This stabilization could encourage more institutions to enter the market, bolstering Bitcoin’s role as a financial asset.

他指出：“随着波动性下降，人们可以持有更大的头寸，你应该会看到比特币变得更加稳定。”这种稳定可能会鼓励更多机构进入市场，从而增强比特币作为金融资产的作用。

Thorn also addressed the ongoing debate around Bitcoin as a safe-haven asset amid geopolitical tensions.

索恩还谈到了围绕比特币作为地缘政治紧张局势中的避险资产的持续争论。

While some still view Bitcoin as a high-risk investment, he argued that its global liquidity and trading activity make it increasingly resilient.

尽管有些人仍然将比特币视为高风险投资，但他认为其全球流动性和交易活动使其变得越来越有弹性。

“Over time, as it’s more widely held, Bitcoin’s volatility will decrease, and its use case will extend beyond being a speculative asset,” he concluded.

“随着时间的推移，随着比特币被更广泛地持有，比特币的波动性将会降低，它的用途将超越投机资产的范围，”他总结道。