CFTC 通知显示比特币 ETF 期权可能正在酝酿中

比特币 ETF 期权将受到美国证券交易委员会 (SEC) 的监管。没有透露正式上市日期。

The Commodity Futures Trading Commission (CFTC) has issued a staff advisory on Friday regarding Bitcoin ETF Options. The official press release also offered some regulatory clarity. It revealed that the new Options will be regulated by the U.S Securities and Exchange Commission (SEC).

商品期货交易委员会 (CFTC) 周五发布了有关比特币 ETF 期权的员工建议。官方新闻稿还提供了一些监管明确性。据透露，新期权将受到美国证券交易委员会（SEC）的监管。

This development is significant as it will pave the way for Spot Bitcoin ETF Options to be cleared by the Options Clearing Corporation (OCC). As per the CFTC advisory, the SEC will be handling the regulatory oversight of these Options.

这一进展意义重大，因为它将为现货比特币 ETF 期权由期权清算公司 (OCC) 清算铺平道路。根据 CFTC 的建议，美国证券交易委员会将负责对这些期权的监管。

Upon receiving the SEC’s green light, the Options will then be listed on national securities exchanges. No official listing dates have been revealed yet. However, Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted that the SEC clearance is the second largest regulatory hurdle.

在获得美国证券交易委员会的批准后，期权将在国家证券交易所上市。目前尚未透露正式上市日期。然而，彭博社高级 ETF 分析师 Eric Balchunas 强调，美国证券交易委员会的许可是第二大监管障碍。

According to Balchunas, a green light from the OCC would be the last remaining step before Bitcoin ETF Options finally hit the market. He also noted that the SEC has been clearing the path for Bitcoin ETF Options in recent months.

Balchunas 表示，OCC 的批准将是比特币 ETF 期权最终上市之前的最后一步。他还指出，近几个月来，美国证券交易委员会一直在为比特币 ETF 期权扫清道路。

The biggest impact of this development is that Spot Bitcoin ETF Options will fuel BTC exposure in the United States, especially in a legal setting. It could potentially boost liquidity in the market by attracting more institutional traders.

这一发展的最大影响是，现货比特币 ETF 期权将增加 BTC 在美国的敞口，尤其是在法律环境下。它可能会通过吸引更多的机构交易者来增加市场的流动性。

The whole idea behind Spot Bitcoin ETF Options is to lend exposure to BTC without having to hold the underlying asset. The Options will also pave the way for more speculation in the market, which could potentially lead to more volatility and amplified price swings.

现货比特币 ETF 期权背后的整体理念是在无需持有标的资产的情况下借出 BTC 敞口。这些期权还将为市场上更多的投机行为铺平道路，这可能会导致更大的波动性和更大的价格波动。

The additional volatility could be a double-edged sword as it could influence both the bulls and bears.

额外的波动可能是一把双刃剑，因为它可能同时影响多头和空头。

Bitcoin bulls have been very active in November so far, with a surge in both spot and derivatives volumes. Demand for Bitcoin in the derivatives segment hit its highest levels in history recently.

到目前为止，比特币多头在 11 月份非常活跃，现货和衍生品交易量均激增。衍生品领域对比特币的需求最近达到了历史最高水平。

To put things into perspective, its recent levels were higher than the levels seen during the peak of the previous bull run. The total Bitcoin Options Open Interest peaked at $38.75 billion on 14 November.

从长远来看，其近期水平高于上一次牛市高峰期间的水平。 11 月 14 日，比特币期权未平仓合约总额达到 387.5 亿美元的峰值。

This was more than double the amount of Open Interest towards the peak of the previous bull run in October 2021. Also, the level of Open Interest was less than $5 billion towards the start of 2024.

这是 2021 年 10 月上一次牛市峰值时的未平仓量的两倍多。此外，到 2024 年初，未平仓量水平还不到 50 亿美元。

This puts into perspective just how much the Bitcoin derivatives segment has grown so far this year. In fact, this figure can be expected to rally even higher once the Spot Bitcoin ETF Options are launched.

这反映了今年迄今为止比特币衍生品市场的增长程度。事实上，一旦现货比特币 ETF 期权推出，这一数字预计会进一步上涨。