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Bloomberg Intelligence 分析师 James Seyffart 预测,美国比特币交易所交易基金 (ETF) 期权最早可能于 2025 年初推出。
Bloomberg Intelligence analyst James Seyffart predicts that options on US Bitcoin exchange-traded funds (ETFs) could be available as early as early 2025.
Bloomberg Intelligence 分析师 James Seyffart 预测,美国比特币交易所交易基金 (ETF) 期权最早可能于 2025 年初推出。
This anticipation follows the SEC’s recent authorization to list options on BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT).
这一预期是在 SEC 最近授权贝莱德的现货比特币 ETF iShares 比特币信托 (IBIT) 上列出期权之后做出的。
However, the launch is pending final approval from the Commodity Futures Trading Commission (CFTC) and the Options Clearing Corporation (OCC). The SEC has set deadlines, but the CFTC and OCC do not.
然而,该推出尚待商品期货交易委员会(CFTC)和期权清算公司(OCC)的最终批准。 SEC 设定了最后期限,但 CFTC 和 OCC 没有设定。
According to Seyffart, the lack of urgency in the approval process could delay the introduction of the option market.
塞法特表示,审批过程缺乏紧迫性可能会推迟期权市场的推出。
As a result, the timeline is subject to change until industry stakeholders receive further regulatory clarity.
因此,在行业利益相关者得到进一步的监管明确之前,时间表可能会发生变化。
For those unfamiliar, traders have the option to buy or sell an asset at a specific price with options contracts.
对于那些不熟悉的人来说,交易者可以选择通过期权合约以特定价格购买或出售资产。
This flexibility allows investors to either protect themselves against potential losses or speculate on price movements.
这种灵活性使投资者能够保护自己免受潜在损失或对价格变动进行投机。
Many financial advisors consider options to be a valuable tool for managing market volatility.
许多财务顾问认为期权是管理市场波动的宝贵工具。
Institutions Likely To Embrace Bitcoin ETF Options
机构可能会接受比特币 ETF 期权
The introduction of Bitcoin ETF options could significantly alter how financial advisors navigate market volatility.
比特币 ETF 期权的推出可能会显着改变财务顾问应对市场波动的方式。
Many advisors have expressed concerns about how Bitcoin’s price volatility affects their clients, especially during downturns.
许多顾问对比特币的价格波动如何影响他们的客户表示担忧,尤其是在经济低迷时期。
For advisors seeking to enter the cryptocurrency market while minimizing risks, options will serve as a valuable tool.
对于寻求进入加密货币市场同时最小化风险的顾问来说,期权将成为一个有价值的工具。
Next, Park discusses the broader market implications of Bitcoin ETF options.
接下来,Park 讨论了比特币 ETF 期权对更广泛市场的影响。
According to him, a portion of Bitcoin’s notional value will be "banked" through ETF options.
据他介绍,比特币名义价值的一部分将通过 ETF 期权“存入银行”。
This new framework addresses some of the challenges posed by Bitcoin’s capped supply and enables the creation of synthetic leverage.
这个新框架解决了比特币供应上限带来的一些挑战,并能够创建合成杠杆。
Furthermore, the presence of a regulated market, overseen by the OCC, enhances protection against counterparty risk.
此外,受 OCC 监管的受监管市场的存在增强了针对交易对手风险的保护。
This aspect instills confidence in investors, fostering a safer environment for trading Bitcoin options.
这给投资者注入了信心,为比特币期权交易营造了一个更安全的环境。
As a result, the regulated market is expected to attract more institutional investors seeking exposure to Bitcoin.
因此,受监管的市场预计将吸引更多寻求投资比特币的机构投资者。
Bitcoin Options To Provide Innovative Investment Strategies for Traders
比特币期权为交易者提供创新投资策略
Bitcoin ETF options could provide traders with a new set of investment strategies.
比特币 ETF 期权可以为交易者提供一套新的投资策略。
According to Park, these options enable traders to calculate the desired leverage, incorporating "duration" into the equation.
Park 表示,这些选项使交易者能够计算所需的杠杆率,并将“久期”纳入等式中。
This capability contrasts with traditional options, which require daily rollovers that are often slow and inefficient.
此功能与传统选项形成鲜明对比,传统选项需要每日展期,而且通常缓慢且低效。
The new Bitcoin options will allow investors to establish long-term positions at a lower cost.
新的比特币期权将允许投资者以较低的成本建立长期头寸。
This approach enables them to gain exposure to Bitcoin’s price movements without the risks associated with fully collateralized positions.
这种方法使他们能够接触比特币的价格变动,而无需承担与完全抵押头寸相关的风险。
As a result, investors can now generate meaningful upside potential at lower premium payments.
因此,投资者现在可以以较低的保费支付产生有意义的上涨潜力。
Additionally, Park highlights Bitcoin’s unique volatility characteristics, which are evident in the "Volatility Smile."
此外,Park 还强调了比特币独特的波动性特征,这在“波动性微笑”中很明显。
This suggests that upward volatility is still cheaper than downward volatility, which could be another advantage for traders.
这表明向上波动仍然比向下波动便宜,这可能是交易者的另一个优势。
Due to the rarity of this phenomenon in traditional assets, Bitcoin stands out as a special commodity that can be used to capitalize on price momentum.
由于这种现象在传统资产中很少见,比特币作为一种特殊的商品脱颖而出,可以用来利用价格动力。
Bitcoin Is Undilutable, Unlike Traditional Stocks
与传统股票不同,比特币是不可稀释的
Finally, Park notes that Bitcoin, unlike traditional stocks that can be diluted by issuing new shares, is not subject to dilution.
最后,帕克指出,与可以通过发行新股稀释的传统股票不同,比特币不会被稀释。
This demonstrates the validity of BTC’s appeal in cases of leveraged trading and distinguishes it from commodities like oil or natural gas, which are subject to delivery constraints.
这证明了比特币在杠杆交易中的吸引力的有效性,并将其与石油或天然气等受交割限制的商品区分开来。
The upcoming options market will serve as the first regulated, leveraged environment for Bitcoin.
即将推出的期权市场将成为比特币第一个受监管的杠杆环境。
It marks a significant shift in how investors will engage with Bitcoin.
这标志着投资者参与比特币方式的重大转变。
Combining the best attributes of a regulated market and Bitcoin can open up new avenues for investors.
将受监管市场的最佳属性与比特币相结合可以为投资者开辟新的途径。
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