比特币 ETF 期权第一天就吸引了 20 亿美元，改变了 BTC 的市场结构

IBIT 期权于周二首次上线，市场参与者普遍预计此举将吸引更多机构对比特币 (BTC) 的兴趣。

Options tied to BlackRock’s bitcoin exchange-traded fund IBIT clocked nearly $2 billion in notional exposure on their debut, a figure some analysts describe as “unheard of” for those metrics.

与贝莱德比特币交易所交易基金 IBIT 相关的期权首次亮相时名义敞口接近 20 亿美元，一些分析师称这一数字对于这些指标来说是“闻所未闻的”。

“1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts,” Bloomberg Intelligence analyst James Seyffart said in an X post. “That's a ratio of 4.4:1.”

“第一天的期权通过 35.4 万份合约交易的名义敞口接近 19 亿美元。 28.9 万是看涨期权，6.5 万是看跌期权，”Bloomberg Intelligence 分析师 James Seyffart 在 X 帖子中表示。 “这个比例是 4.4:1。”

“These options were almost certainly part of the move to the new #Bitcoin all time highs today,” Seyffart added, highlighting bitcoin’s move to new record nights in late U.S. hours Tuesday.

Seyffart 补充道：“这些期权几乎肯定是#Bitcoin 今天迈向历史新高的一部分。”他强调了比特币在周二美国时段创下新纪录的夜晚。

Options on several of the 11 spot bitcoin ETFs on several exchanges were approved by the U.S. SEC in September, and more options products are expected to be available in the coming days.

多家交易所的 11 只现货比特币 ETF 中的几只期权已于 9 月份获得美国 SEC 批准，预计未来几天将推出更多期权产品。

Unpacking Options

开箱选项

Options are financial derivatives that give the buyer the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an underlying asset at a specified price on or before a certain date.

期权是金融衍生品，赋予买方在特定日期或之前以指定价格买入（如果是看涨期权）或卖出（如果是看跌期权）标的资产的权利，但没有义务。日期。

A call option gives the holder the right to purchase an asset at a specific price, known as the strike price, within a set time frame. A put option gives the holder the right to sell at the strike price within the specified period.

看涨期权赋予持有人在设定的时间范围内以特定价格（称为执行价格）购买资产的权利。看跌期权赋予持有人在指定期限内以执行价格出售的权利。

Call options are purchased when expecting price increases; if correct, traders can exercise the option to buy at the strike price or sell it for a profit. Put options serve as insurance against price drops or for betting on declines, enabling selling at the strike price if it exceeds the market value.

当预期价格上涨时购买看涨期权；如果正确，交易者可以行使选择权，以执行价格买入或卖出以获取利润。看跌期权可作为防止价格下跌或押注下跌的保险，如果价格超过市场价值，则可以按执行价格出售。

How IBIT Options Could Change BTC Market Structure

IBIT 期权如何改变 BTC 市场结构

The use of options opens up a wide range of trading strategies for professional investors, which could increase market liquidity and alter the market structure.

期权的使用为专业投资者开辟了广泛的交易策略，这可以增加市场流动性并改变市场结构。

Institutions that are particularly hesitant to trade on offshore unregulated avenues can use IBIT options to hedge bullish exposure while generating additional income by selling calls. Speculators can use IBIT call and put options to benefit from price movements, avoiding the hassle of owning the underlying asset.

对于在离岸不受监管的渠道进行交易特别犹豫的机构可以使用 IBIT 期权来对冲看涨风险，同时通过出售看涨期权产生额外收入。投机者可以使用 IBIT 看涨期权和看跌期权从价格变动中获益，避免拥有标的资产的麻烦。

Traders can also earn premiums by selling options, which is a passive income, especially in a stable or slowly declining market where the options might expire worthless. Such strategies are already popular among traders on leading options exchange Deribit.

交易者还可以通过出售期权来赚取溢价，这是一种被动收入，特别是在稳定或缓慢下滑的市场中，期权可能到期时一文不值。此类策略已经在领先的期权交易所 Deribit 的交易者中很受欢迎。

Regarding the impact on market structure, some analysts believe that the expected overwriting of IBIT calls would reduce implied volatility over the long term. In the short term, especially during a bull run, investor demand for calls could set the stage for a GameStop-like gamma squeeze.

关于对市场结构的影响，一些分析师认为，预期的IBIT看涨期权覆盖将在长期内降低隐含波动率。短期内，尤其是在牛市期间，投资者对看涨期权的需求可能会为类似 GameStop 的伽马挤压奠定基础。

Market structure describes how trading involves participants like investors and traders, how assets are bought or sold, and the regulations around specific asset classes.

市场结构描述了交易如何涉及投资者和交易者等参与者、资产如何买卖以及特定资产类别的法规。

Options provide more ways to trade, making it easier for professional investors to buy or sell without big price changes. Tracking options data could show what traders think will happen to prices, helping everyone understand market expectations.

期权提供了更多的交易方式，使专业投资者更容易在价格没有大幅变化的情况下买卖。跟踪期权数据可以显示交易者对价格的看法，帮助每个人了解市场预期。

Options can also predict and cause price swings near expiry, creating an opportunity for short-term trading.

期权还可以预测并导致临近到期日的价格波动，从而为短期交易创造机会。