加密资产经理灰度列出了两个通过比特币的波动提供收入的新的交易所交易基金（ETF）

Crypto Asset Manager Grayscale列出了两个新的交易所交易基金（ETF），通过比特币（BTC）的特征波动为投资者提供差异化​​的收入来源。

Crypto asset manager Grayscale has listed two new exchange-traded funds (ETFs) that offer investors a differentiated source of income through bitcoin’s (BTC) characteristic volatility.

Crypto Asset Manager Grayscale列出了两个新的交易所交易基金（ETF），通过比特币（BTC）的特征波动为投资者提供差异化​​的收入来源。

The two New York Stock Exchange-listed funds will begin trading on Wednesday.

纽约证券交易所上市的两项资金将于周三开始交易。

The Bitcoin Covered Call ETF (BTCC) and Bitcoin Premium Income ETF (BPI) offer covered call writing strategies, which involves selling call options to generate income on the premium received.

比特币覆盖的呼叫ETF（BTCC）和比特币保费收入ETF（BPI）提供了覆盖的呼叫写作策略，其中涉及出售呼叫选项以在收到的保费上产生收入。

Call options are derivatives contracts betting on the price of an asset rising. They give the holder the right, but not the obligation, to buy the asset at a predetermined price within a define period of time.

呼叫选项是对资产上涨的价格下注的衍生品合同。他们赋予持有人在定义时间内以预定价格购买资产的权利，但没有义务。

BTCC will be writing calls very close to spot prices to deliver income for investors seeking regular cash flow, with the options premiums possibly also providing a cushion against market downturns.

BTCC将致电非常接近现货的电话，为寻求常规现金流的投资者提供收入，而期权溢价也可能还提供了针对市场低迷的垫子。

BPI, meanwhile, will be targeting options with strike prices that are well out-of-the-money, meaning the price is much higher than the spot price. This would allow investors to participate in much of BTC’s upside potential while benefitting from some dividend income, an emailed announcement from Grayscale on Wednesday stated.

同时，BPI的目标是以不利的货币销售价格来定位选项，这意味着价格高于现货价格。 Grayscale在周三表示，这将使投资者能够参与BTC的大部分上升潜力，同时受益于某些股息收入。

The options contracts that both ETFs use will track other bitcoin ETFs, including Grayscale’s own Bitcoin Trust (GBTC) and Bitcoin Mini Trust (BTC).

两种ETF使用的选项合同都将跟踪其他比特币ETF，包括Grayscale自己的比特币信托（GBTC）和比特币迷你信托（BTC）。

Despite the surge in institutional investment into BTC through spot ETFs since their introduction in January 2024, bitcoin’s volatility does not appear to be going anywhere for the time being.

尽管自2024年1月推出以来，通过现场ETF向BTC进行机构投资激增，但比特币的波动率似乎暂时没有发生。

After gaining nearly 48% in the fourth quarter, the largest cryptocurrency kicked off 2025 by losing 12% in the historically bullish first quarter. It rose by 72% and 69% in the first quarters of 2023 and 2024, respectively, according to data tracked by Coinglass.

在第四季度获得了近48％的股票后，最大的加密货币在2025年就在历史上看涨的第一季度损失了12％。根据Coinglass跟踪的数据，它在2023年和2024年的第一季度分别上涨了72％和69％。

Hence, as institutional investors increase their exposure to bitcoin, there may be more demand for products that can offer differentiated sources of income to cushion against this volatility.

因此，随着机构投资者增加对比特币的风险，对可以提供差异化​​收入来源的产品可能会有更多的需求，以缓解这种波动。