贝莱德历史性比特币 ETF 期权第一天

贝莱德的比特币 ETF 期权历史性首次亮相，首日交易名义价值近 19 亿美元。

BlackRock’s (NYSE:BLK) Bitcoin ETF options made a historic debut on Friday, recording nearly $1.9 billion in notional value traded on the first day.

贝莱德 (NYSE:BLK) 的比特币 ETF 期权于周五历史性首次亮相，首日交易名义价值近 19 亿美元。

As the market opened, traders wasted no time in exploring the newly available options chains. Among the key observations made by Bitwise Invest’s Head of Alpha Strategies Jeff Park throughout the trading day were:

随着市场开盘，交易者立即探索新可用的期权链。 Bitwise Invest 的 Alpha 策略主管 Jeff Park 在整个交易日中做出的主要观察包括：

The market quickly established a “volatility smile” by 9:45 AM, which persisted and widened as the day progressed. In fact, the smile got even wider throughout the day, finishing with higher wings by EoD.

到上午 9 点 45 分，市场迅速形成了“波动微笑”，随着时间的推移，这种微笑持续存在并扩大。事实上，一整天，笑容都变得更加灿烂，最后，EoD 的翅膀更高了。

Analyzing the BVIV Index from Volmex Finance, we can see that the implied volatility (IV) movements did not align predictably with Bitcoin’s price trajectory. More interestingly, it did NOT match the upward sloping BTC price movement (then down) in a predictable way.

通过分析 Volmex Finance 的 BVIV 指数，我们可以看到隐含波动率 (IV) 走势与比特币的价格轨迹并不符合预期。更有趣的是，它并没有以可预测的方式匹配比特币价格的向上倾斜（然后向下）。

The most heavily traded contract was the 01/17/24 C55 call option, exceeding 40,000 contracts. As I shared yesterday, the 25k limit is too small relative to the deep liquidity IBIT has demonstrated over the months.

交易量最大的合约是 2024 年 1 月 17 日的 C55 看涨期权，超过 40,000 份合约。正如我昨天分享的那样，相对于 IBIT 几个月来所展现的深度流动性而言，25k 的限额太小了。

We can also see a true lottery ticket in the 12/20/24 C100 call option, which is trading at an implied volatility of 105% and a delta of just 3%. This option saw heavy volume early in the trading day. The implied vol cleared at 105%. Even more interesting was how heavy the volume was at the first hour of the market open. It means a serious investor was loading it up at 10AM, and the price steadily increased with vol getting bid up. This was likely the been the biggest vega opportunity of the day.

我们还可以在 12/20/24 C100 看涨期权中看到真正的彩票，该期权的隐含波动率为 105%，Delta 仅为 3%。该期权在交易日早些时候成交量很大。隐含波动率结算为 105%。更有趣的是开盘第一个小时的成交量有多大。这意味着一位认真的投资者在上午 10 点开始买入，并且随着成交量的上涨，价格稳步上涨。这可能是当天最大的维加机会。

The overall put/call ratio stood at approximately 0.23, indicating a strong preference for call options over puts. However, what is even more interesting is if you segment it by Expiry Date. Longer-dated expiries, such as the January 2026/2027 contracts, exhibited an even lower put/call ratio of 0.08. That means there is roughly a 10x imbalance for upside, highlighting an extremely bullish sentiment.

整体看跌/看涨期权比率约为 0.23，表明人们对看涨期权的偏好强于看跌期权。然而，更有趣的是，如果您按到期日期对其进行细分。到期日较长的合约，例如 2026/2027 年 1 月的合约，看跌/看涨期权比率甚至更低，为 0.08。这意味着上行空间存在大约 10 倍的失衡，凸显出极度看涨的情绪。

Contrary to some expectations, MicroStrategy’s (NASDAQ:MSTR) options trading remained robust despite the launch of IBIT options. MSTR’s vol decoupled with Bitcoin meaningfully in the last hour, where it closed even higher than where we started in the day. MSTR is in its own league.

与一些预期相反，尽管推出了 IBIT 期权，MicroStrategy (NASDAQ:MSTR) 的期权交易仍然强劲。 MSTR 的成交量在最后一个小时与比特币有意义地脱钩，其收盘价甚至高于当天的开盘价。 MSTR 属于自己的联盟​​。

As we look ahead, we can expect the launch of BITB options, which will provide another option chain alongside IBIT and others for investors to consider before buying/selling and determining where the best value may lie. I believe non-institutional trading will gravitate toward non-IBIT ETFs, which could present more opportunities for professional retail investors.

展望未来，我们预计将推出 BITB 期权，它将与 IBIT 和其他期权一起提供另一个期权链，供投资者在购买/出售并确定最佳价值所在之前考虑。我相信非机构交易将倾向于非 IBIT ETF，这可能为专业散户投资者带来更多机会。

Bloomberg ETF expert James Seyffart also provided additional commentary on the massive trading volumes, noting that the final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. Of these, 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. I suppose that helped propel Bitcoin to new all-time highs during the day.

彭博 ETF 专家 James Seyffart 还对巨额交易量提供了补充评论，指出 IBIT 第一天期权的最终统计通过 35.4 万份合约交易的名义敞口略低于 19 亿美元。其中，289,000 手为看涨期权，65,000 手为看跌期权。比例为 4.4:1。我认为这有助于推动比特币在当天创下新的历史高点。

When crypto analyst James Van Straten queried about the notional target and position limits, Seyffart acknowledged the constraints, adding that the 25k position limit is likely a weight on volume and Open Interest for [the] foreseeable future.

当加密货币分析师 James Van Straten 询问名义目标和头寸限制时，Seyffart 承认存在这些限制，并补充说，在可预见的未来，25,000 个头寸限制可能会影响交易量和未平仓合约。

As for the rationale behind the limits, Seyffart noted that it’s not standard, but the SEC and CFTC were definitely worried about market manipulation etc. Was part of the requirement to get approved!

至于限制背后的理由，Seyffart 指出，这不是标准，但 SEC 和 CFTC 肯定担心市场操纵等问题。这是获得批准的要求的一部分！

At press time, BTC traded at $93,404.

截至发稿时，BTC 交易价格为 93,404 美元。