随着华尔街用熟悉的装饰来装饰比特币，它正在改变它的基调

多年来，比特币凭借无聊而获胜。除了购买并持有它之外，投资者无法用它做太多事情。但这正是世界上最大的加密货币有价值的原因。

Bitcoin has been making headlines for years, but the cryptocurrency is finally changing in a big way.

比特币多年来一直成为头条新闻，但加密货币终于发生了巨大的变化。

Developers are increasingly building on bitcoin’s base blockchain in unexpected ways, and Wall Street is decking the coin out with all its familiar trappings.

开发人员越来越多地以意想不到的方式在比特币的基础区块链上进行开发，而华尔街则用所有熟悉的装饰来装饰比特币。

In January, spot bitcoin ETFs began trading, opening the door to more mainstream investors. Last week, options on those spot crypto products finally started to go live on the Nasdaq and New York Stock Exchange. CBOE Global Markets is also set to list its first cash-settled bitcoin ETF options Dec. 2.

一月份，现货比特币 ETF 开始交易，为更多主流投资者打开了大门。上周，这些现货加密产品的期权终于开始在纳斯达克和纽约证券交易所上线。 CBOE 全球市场也将于 12 月 2 日上市其首个现金结算的比特币 ETF 期权。

Creating this new margin framework around bitcoin means that both retail traders and institutions alike will be able to get more exposure to the asset class relative to how much cash they’re investing.

围绕比特币创建这个新的保证金框架意味着零售交易者和机构都将能够相对于他们投资的现金数量获得更多的资产类别敞口。

Collectively, the U.S.-issued spot bitcoin funds hold north of $100 billion in assets under management. Last week, they notched their largest weekly inflows on record, totaling more than $3.1 billion. And according to CoinShares, year-to-date net flows are up to $37 billion versus U.S. Gold ETFs, which drew around $309 million in their first year.

总的来说，美国发行的现货比特币基金管理的资产超过 1000 亿美元。上周，它们创下了有记录以来最大的单周资金流入，总额超过 31 亿美元。根据 CoinShares 的数据，今年迄今为止的净流量高达 370 亿美元，而美国黄金 ETF 在第一年就吸引了约 3.09 亿美元。

Nearly half of those flows into the spot bitcoin products took place after U.S. interest rates were cut for the first time in four years in September.

近一半流入现货比特币产品的资金是在 9 月份美国四年来首次降息之后发生的。

Vetle Lunde, head of research at K33 Research, told CNBC there has been record high open interest for futures on the CME derivatives exchange, the way most U.S. institutions currently buy bitcoin futures contracts. But a lot of traders have been waiting for options on spot bitcoin ETFs on major exchanges such as the NYSE and Nasdaq, since it enhances liquidity and offers hedging tools.

K33 Research 研究主管 Vetle Lunde 告诉 CNBC，CME 衍生品交易所的期货未平仓合约创下历史新高，这是大多数美国机构目前购买比特币期货合约的方式。但许多交易者一直在等待纽约证券交易所和纳斯达克等主要交易所的现货比特币 ETF 期权，因为它可以增强流动性并提供对冲工具。

Lunde says that demand for leveraged long exposure to bitcoin and ether is climbing, with VolatilityShares’ BTC exposure hitting new all-time highs.

Lunde 表示，对比特币和以太币杠杆多头敞口的需求正在攀升，VolatilityShares 的 BTC 敞口创下历史新高。

Galaxy Digital’s trading team told CNBC the firm has observed significant volume in BlackRock’s IBIT ETF options, the first to launch on the Nasdaq last week. BlackRock is the largest digital asset manager in the world after it eclipsed Grayscale in August. BlackRock’s bitcoin trust IBIT holds $48.4 billion in bitcoin compared with the $34 billion in its gold trust.

Galaxy Digital 的交易团队告诉 CNBC，该公司观察到贝莱德 IBIT ETF 期权交易量很大，这是上周在纳斯达克推出的首个期权。贝莱德 (BlackRock) 在 8 月份超越灰度 (Grayscale)，成为全球最大的数字资产管理公司。贝莱德的比特币信托 IBIT 持有 484 亿美元的比特币，而其黄金信托持有 340 亿美元的比特币。

Options on IBIT had a blockbuster debut, with 353,716 contracts traded on its first day, according to Galaxy Digital. The firm noted that the previous most active debut of options trading was when Facebook options went live in 2012 and 360,000 contracts changed hands.

据 Galaxy Digital 称，IBIT 期权首次亮相就引起轰动，首日交易量为 353,716 份合约。该公司指出，此前期权交易最活跃的首次亮相是在 2012 年 Facebook 期权上线时，当时有 36 万份合约易手。

Galaxy sees notable trading activity extending out to January 2027, roughly halfway into Donald Trump’s administration. On the campaign trail, the president-elect had an about-face on bitcoin and went from criticizing digital assets to making big promises to the crypto industry. Bitcoin is up roughly 40% since Election Day, Nov. 5.

Galaxy 预计显着的交易活动将持续到 2027 年 1 月，大约是唐纳德·特朗普执政的中期。在竞选过程中，当选总统对比特币的态度发生了180度大转变，从批评数字资产转向对加密行业做出重大承诺。自 11 月 5 日选举日以来，比特币上涨了约 40%。

“This level of concentrated, long-dated activity reflects investor confidence in the ETF’s long-term growth potential, signaling bullish sentiment for the years ahead,” Galaxy’s trading team told CNBC.

Galaxy 的交易团队告诉 CNBC：“这种集中、长期的活动水平反映了投资者对该 ETF 长期增长潜力的信心，预示着未来几年的看涨情绪。”

Until now, offshore crypto native platforms such as Binance and Deribit have been the main marketplace for bitcoin derivatives trading. Galaxy told CNBC there is a noticeable volatility premium between Deribit, CME and IBIT, which could present arbitrage opportunities among the varying platforms offering derivatives trading.

到目前为止，Binance 和 Deribit 等离岸加密原生平台一直是比特币衍生品交易的主要市场。 Galaxy 告诉 CNBC，Deribit、CME 和 IBIT 之间存在明显的波动性溢价，这可能会在提供衍生品交易的不同平台之间提供套利机会。

On Friday, more than $9 billion in bitcoin options contracts expire on Deribit, which could lead to greater price volatility as the expiration date approaches.

周五，超过 90 亿美元的比特币期权合约在 Deribit 上到期，随着到期日的临近，这可能会导致价格波动更大。

“There’s a ton of leverage in the system right now,” Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC’s “Squawk Box” on Friday.

Galaxy Digital 首席执行官、长期加密货币投资者迈克·诺沃格拉茨 (Mike Novogratz) 周五在 CNBC 的“Squawk Box”节目中表示：“目前系统中存在大量杠杆。”

“You look at the funding rates to do crypto in our market, right? The perpetual market, as high as they’ve been, the basis is high,” Novogratz said. “The crypto community is levered to the gills, and so there will be a correction.”

“你看看我们市场上加密货币的融资利率，对吗？永续市场的水平一直很高，基差也很高。”诺沃格拉茨说道。 “加密货币社区受到了杠杆作用，因此将会出现修正。”

Bitcoin was within striking distance of $100,000 on Friday but retrenched over the weekend. The cryptocurrency is currently trading at around $95,000.

周五，比特币价格接近 10 万美元，但周末有所回落。该加密货币目前的交易价格约为 95,000 美元。