比特币因无聊而获胜。现在，华尔街正在用它熟悉的装饰来装饰它。

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构建。华尔街还用交易所交易基金包装等所有熟悉的装饰来装饰代币，并允许交易者对冲头寸和进行杠杆押注。

Bitcoin's boring nature used to be its strength, but now it's changing rapidly.

比特币的无聊本质曾经是它的优势，但现在它正在迅速改变。

For years, bitcoin's main value proposition was its boring nature. Investors couldn't do much with it besides buying and holding it, but that was precisely why the world's largest cryptocurrency was valuable. It was a commodity, like gold or corn, that didn's offer anything too fancy. Bitcoin's core team of developers intentionally moved as slowly as possible on anything that touched the base blockchain to avoid breaking things. This approach drove many of crypto's more cavalier coders to other blockchains, where they could tinker and build things like decentralized applications.

多年来，比特币的主要价值主张是它的无聊性。除了购买和持有它之外，投资者无法做太多事情，但这正是世界上最大的加密货币有价值的原因。它是一种商品，就像黄金或玉米一样，没有提供任何太花哨的东西。比特币的核心开发团队有意尽可能缓慢地处理任何触及基础区块链的事情，以避免破坏事物。这种方法促使许多加密货币领域更大胆的编码人员转向其他区块链，在那里他们可以修补和构建去中心化应用程序等东西。

But the strategy worked. Traders poured their money into bitcoin not just because it was the OG coin but also because the network was robust and reliable, and they knew what they were getting. As solana reported hack after hack, bitcoin didn't really change. The asset was volatile, but aside from a major system upgrade that took four years to design and green light, bitcoin maintained its status as the world's biggest cryptocurrency by market cap by sticking to the status quo.

但这个策略奏效了。交易者将钱投入比特币，不仅因为它是 OG 币，还因为该网络强大而可靠，而且他们知道自己会得到什么。正如 solana 报告的一次又一次的黑客攻击一样，比特币并没有真正改变。该资产波动很大，但除了花了四年时间设计和批准的重大系统升级外，比特币通过坚持现状维持了其作为全球市值最大加密货币的地位。

However, times are changing for the original coin. Developers are increasingly building on bitcoin's base blockchain in surprising ways. Wall Street is also decking the coin with all its familiar trappings, like exchange-traded fund wrappers and allowing traders to hedge positions and make leveraged bets.

然而，原始硬币的时代正在发生变化。开发人员越来越多地以令人惊讶的方式在比特币的基础区块链上进行开发。华尔街还用所有熟悉的装饰来装饰加密货币，比如交易所交易基金包装，并允许交易者对冲头寸和进行杠杆押注。

In January, spot bitcoin ETFs started trading, opening the door to more mainstream investors. Last week, options on those spot crypto products finally went live on the Nasdaq and New York Stock Exchange. Additionally, CBOE Global Markets is set to list its first cash-settled bitcoin ETF options on 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在纳斯达克和纽约证券交易所上线。此外，CBOE 全球市场将于 12 月 2 日上市其首个现金结算的比特币 ETF 期权。

This new margin framework around bitcoin will allow both retail traders and institutions to increase their exposure to the asset class relative to their cash investments.

这种围绕比特币的新保证金框架将允许零售交易者和机构增加相对于现金投资的资产类别敞口。