尽管头寸有限，比特币 ETF 期权的推出标志着里程碑

贝莱德 (BlackRock) 的 IBIT 是美国首个推出与期权相关的现货比特币 ETF。其余的包将于周三晚些时候发布。

The launch of options tied to U.S. spot bitcoin exchange-traded funds (ETFs) on Tuesday marked a significant milestone in the cryptocurrency's integration with traditional finance. However, these options faced tighter position limits compared to those in traditional markets.

周二推出与美国现货比特币交易所交易基金（ETF）相关的期权，标志着加密货币与传统金融融合的一个重要里程碑。然而，与传统市场相比，这些期权面临更严格的头寸限制。

BlackRock's iShares Bitcoin Trust (IBIT) became the first bitcoin ETF to offer options, which began trading on Nasdaq. The ETF itself saw over $4 billion in volume, making it one of the most actively traded on the day.

贝莱德的 iShares 比特币信托 (IBIT) 成为第一个提供期权的比特币 ETF，并开始在纳斯达克交易。该 ETF 本身的交易量超过 40 亿美元，使其成为当天交易最活跃的ETF之一。

Among the bitcoin-linked products, IBIT options stood out with over $2 billion in notional value traded in options. This brought the total volume for bitcoin-linked products to over $6 billion, according to data from Coinglass.

在比特币相关产品中，IBIT 期权脱颖而出，期权名义交易价值超过 20 亿美元。根据 Coinglass 的数据，这使得比特币相关产品的总交易量超过 60 亿美元。

"For context, BITO had $363m and that's been around for four years. And also this is with 25,000 contract position limits," Balchunas said, referring to the ProShares bitcoin futures ETF (BITO), which launched in 2021.

Balchunas 表示：“就背景而言，BITO 拥有 3.63 亿美元，已经存在了四年。而且这还具有 25,000 个合约头寸限制。”他指​​的是 2021 年推出的 ProShares 比特币期货 ETF (BITO)。

The position limit size in IBIT and other bitcoin ETF options was approved for just 25,000 contracts at a given point in time, compared to the standard 100,000 contracts for options on the S&P 500 index.

IBIT 和其他比特币 ETF 期权的头寸限制规模在给定时间点仅获批准为 25,000 份合约，而标准普尔 500 指数期权的标准仓位限制为 100,000 份合约。

"That said, $1.9b isn't quite a big dog level yet, though, GLD did $5b today, but give it a few more days/weeks," Balchunas added.

“话虽如此，1.9b 美元还不是一个大狗水平，不过，GLD 今天达到了 5b 美元，但再等几天/几周，”Balchunas 补充道。

Pointing out the disparity in treatment, Jeff Park, head of alpha strategies at Bitwise, highlighted that the exercisable risk – the total value of option contracts exercised or converted to actual shares – amounted to less than 0.5% of IBIT's outstanding shares.

Bitwise 阿尔法策略主管杰夫·帕克 (Jeff Park) 在指出待遇上的差异时强调，可行使风险——已行使或转换为实际股票的期权合约总价值——不到 IBIT 已发行股票的 0.5%。

"Meanwhile, the industry standard is closer to 7%, which would represent a comparative figure of 7% * 440,000,000 = 30.8m shares for IBIT," Park said in an interview on CNBC's "Closing Bell: Overtime."

“与此同时，行业标准接近 7%，这相当于 7% * 440,000,000 = 3080 万股 IBIT 的比较数字，”Park 在接受 CNBC 节目“收盘钟：加班”采访时表示。

"To put 0.5% in perspective, bitcoin CME futures contracts are permitted to trade 2,000 contracts, which is the equivalent of 175,000 for IBIT," he added.

“以 0.5% 的角度来看，CME 比特币期货合约允许交易 2,000 份合约，相当于 IBIT 的 175,000 份合约，”他补充道。

According to Park, he believed the CME Group (CME) prefers bitcoin to trade primarily as a futures asset, which is evident in the launch of products like "BFFs [Bitcoin Friday futures]."

Park 表示，他认为芝商所 (CME) 更喜欢将比特币主要作为期货资产进行交易，这一点在推出“BFFs [比特币周五期货]”等产品中就可见一斑。

"If the CFTC had been as politicized as the SEC, we might not have had a fair launch at all," Park said of the regulatory bodies overseeing the bitcoin futures and spot ETF launches, respectively.

Park 在谈到分别监督比特币期货和现货 ETF 发行的监管机构时表示：“如果 CFTC 和 SEC 一样政治化，我们可能根本无法公平推出。”

Despite the limited options available, BTC price managed to reach new all-time highs above $94,000 on Tuesday.

尽管可用的选择有限，但 BTC 价格在周二仍创下了 94,000 美元以上的历史新高。

Moreover, Glassnode data showed that options open interest, which represents the dollar value of the number of active contracts, crossed $40 billion for the first time.

此外，Glassnode数据显示，期权未平仓合约（代表活跃合约数量的美元价值）首次突破400亿美元。

This stood in contrast to futures open interest, which amounted to $60 billion, highlighting the potential for further growth in the options market.

这与高达 600 亿美元的期货未平仓合约形成鲜明对比，凸显了期权市场进一步增长的潜力。

Meanwhile, Farside data indicated that bitcoin ETFs saw a net inflow of $816.4 million, bringing the total net inflow to $28.5 billion.

与此同时，Farside数据显示，比特币ETF净流入8.164亿美元，使总净流入达到285亿美元。