加密货币OTC交易量激增后，美国替代币吸引了新客户

几家加密货币贸易公司表明，美国大选的结果以及最近的加密货币价格上涨导致非处方交易量的迅速增加

Several cryptocurrency trading companies have noted that the results of the U.S. election and the recent rise in cryptocurrency prices have led to a rapid increase in over-the-counter (OTC) trading volume over the past few months.

几家加密货币贸易公司指出，在过去几个月中，美国大选的结果和最近的加密货币价格上涨导致非处方交易量的迅速增加。

Moreover, clients are beginning to pay more attention to altcoins beyond Bitcoin and Ethereum.

此外，客户开始更加关注比特币和以太坊以外的山寨币。

Institutions prefer liquidity, and the emergence of markets like options significantly enhances their hedging efficiency.

机构更喜欢流动性，而诸如期权之类的市场的出现会大大提高其对冲效率。

Surge in OTC Trading

OTC交易激增

OTC trading is currently booming. This year's OTC trading volume has grown by 220% compared to last year.

OTC交易目前正在蓬勃发展。与去年相比，今年的OTC交易量增长了220％。

Jake Ostrovskis, an OTC trader at market maker Wintermute, said that at times, Wintermute has been in discussions with some clients for several years, preparing for their market participation, and this election has played a key role in finalizing those decisions.

市政商人Wintermute的OTC交易员杰克·奥斯特罗夫斯基斯（Jake Ostrovskis）说，有时，温特姆特（Wintermute）与一些客户进行了讨论已有好几年了，为他们的市场参与做准备，而这次选举在完成这些决策方面发挥了关键作用。

"A few clients who had previously planned to begin trading in the fourth quarter of this year have now moved up the timeline and began trading in the third quarter. We've seen a noticeable shift in the pace of institutional client onboarding, with an acceleration in the past six months," said Ostrovskis.

奥斯特罗夫斯基斯说：“几个以前计划在今年第四季度开始交易的客户现在已经上升了时间表，并从第三季度开始交易。我们已经看到机构客户入职的步伐发生了明显的转变，在过去的六个月中，加速了。”

With the rise of BTC, ETH, and altcoins, both projects and investors have become more proactive in managing their funds and risks. Institutions and other organizations are also seeking new opportunities and ways to explore areas beyond BTC and ETH.

随着BTC，ETH和Altcoins的兴起，项目和投资者都在管理其资金和风险方面变得更加主动。机构和其他组织也正在寻求新的机会和方式来探索BTC和ETH以外的领域。

Institutions Value Liquidity, Options Markets Help with Hedging

机构重视流动性，期权市场有助于对冲

Market makers have also pointed out that clients are moving further along the risk curve, engaging with more cryptocurrencies, including Solana, BNB, Tron, and AAVE, in addition to Bitcoin and Ethereum.

做市商还指出，除了比特币和以太坊外，包括Solana，BNB，Tron和Aave在内的更多加密货币正在沿风险曲线进一步发展。

This is because these cryptocurrencies offer the strongest liquidity, naturally drawing clients. Clearly, liquidity is the biggest driving force for institutions.

这是因为这些加密货币提供了最强的流动性，自然会吸引客户。显然，流动性是机构的最大驱动力。

As options are used more widely, the derivatives market is maturing. Large institutions engaging with cryptocurrencies need some form of hedging. Due to liquidity constraints, they might turn to OTC desks for options.

随着选项的使用更广泛，衍生品市场正在成熟。与加密货币相关的大型机构需要某种形式的对冲。由于流动性的限制，他们可能会转向OTC桌子以寻求选项。

Most institutions heavily rely on these products to hedge their positions in stocks, bonds, or forex. The launch of Bitcoin ETF options has opened the door for major brokers to create cross-collateralization products, as using only the underlying ETFs to construct these products would be too costly.

大多数机构都在很大程度上依靠这些产品来对冲其在股票，债券或外汇的地位。比特币ETF选项的推出为主要经纪人创建互面化产品打开了大门，因为仅使用基础ETF来构建这些产品的成本太高。

According to data from SoSoValue, three Bitcoin ETFs that have issued related options are BlackRock's IBIT, Grayscale's GBTC, and BTC. As of 12/23, the total open interest (OI) amounted to $7.98 billion.

根据Sosovalue的数据，发出相关选项的三个比特币ETF是BlackRock的IBIT，Grayscale的GBTC和BTC。截至12/23，总开放利息（OI）为79.8亿美元。

Six Bitcoin Mutual Funds to List in Israel on 12/31

六个比特币共同基金在以色列列出12/31

Additionally, according to CoinDesk, six mutual funds tracking Bitcoin prices have been approved by the Israel Securities Authority (ISA) last week and are expected to start trading on December 31, providing investors with more diverse channels to invest in BTC.

此外，根据Coindesk的说法，上周以色列证券管理局（ISA）批准了六项跟踪比特币价格的共同基金，并预计将于12月31日开始交易，为投资者提供更多在BTC进行投资的渠道。

These six Bitcoin mutual funds are issued by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. However, insiders have revealed that initially, these funds will only trade once per day, with continuous trading to be opened in the future.

这六个比特币共同基金由Migdal Capital Markets，More，Ayalon，Phoenix Investment，Meitav和Ibi发行。但是，内部人士透露，最初，这些资金每天只交易一次，将来要进行持续交易。