IBIT 比特币 ETF 期权——您需要了解的信息

iShares 比特币信托 ETF (IBIT) 是贝莱德的比特币 ETF。它于 2024 年 1 月 5 日推出，自此以来一直受到欢迎和交易活跃。

Options began trading yesterday on IBIT and is already the most popular exchange traded bitcoin product

期权昨天在 IBIT 上开始交易，现已成为最受欢迎的交易所交易比特币产品

The iShares Bitcoin Trust ETF (IBIT) is BlackRock's Bitcoin ETF. It was launched on Jan 5, 2024, and has been gaining popularity and trading activity ever since. The fund has already eclipsed 100 million shares traded twice this year, which puts it in the same boat as the S&P 500 ETF (SPY). IBIT has traded about 50 million shares on average over the last 30 days.

iShares 比特币信托 ETF (IBIT) 是贝莱德的比特币 ETF。它于 2024 年 1 月 5 日推出，自此以来一直受到欢迎和交易活跃。该基金今年两次交易的股票数量已超过 1 亿股，与 S&P 500 ETF (SPY) 处于同一水平。过去 30 天，IBIT 平均交易量约为 5000 万股。

The fund holds over $44 billion in assets and is 100% weighted in bitcoin. This is important because a "clean" exposure to the movement of bitcoin ensures a few other factors move the price of the product. There hasn't been a clean ETP product that just holds Bitcoin 1:1 until now. The ProShares Trust Bitcoin ETF (BITO) offers a big dividend, and MicroStrategy (MSTR) has a leveraged Bitcoin exposure.

该基金持有超过 440 亿美元的资产，100% 为比特币。这很重要，因为“干净”地接触比特币的变动可以确保其他一些因素影响产品的价格。到目前为止，还没有一种干净的 ETP 产品能够以 1:1 的比例持有比特币。 ProShares Trust 比特币 ETF (BITO) 提供巨额股息，MicroStrategy (MSTR) 拥有杠杆比特币敞口。

IBIT trades around $54 per share and seeks to track the percentage change performance of the spot-price of bitcoin. With a notional value of $5,400 for 100 shares of IBIT, this product is affordable in small to mid-sized accounts.

IBIT 的交易价格约为每股 54 美元，旨在追踪比特币现货价格的百分比变化表现。 100 股 IBIT 的名义价值为 5,400 美元，该产品适合中小型账户。

IBIT reflects a similar high implied volatility when compared to bitcoin, with an average implied volatility of around 70% for each of the available options cycles. That means options will be relatively expensive, which is efficient for cost basis reduction on short options strategies. This can also benefit long options strategies if traders are directionally correct in a short period of time.

与比特币相比，IBIT 反映了类似的高隐含波动率，每个可用期权周期的平均隐含波动率约为 70%。这意味着期权将相对昂贵，这对于降低空头期权策略的成本基础是有效的。如果交易者在短时间内方向正确，这也有利于多头期权策略。

IBIT options—what you need to know

IBIT 选项——您需要了解的内容

Investors should be aware of several factors before trading IBIT options. Here are a few key points:

投资者在交易 IBIT 期权之前应了解几个因素。以下是几个关键点：

* IBIT ITM options expire to shares. This is not a cash-secured product, which means in-the-money (ITM) options held through expiration convert to shares of IBIT. If you don’t want shares in your portfolio, make sure to close or roll options positions before expiration.

* IBIT ITM 期权到期为股票。这不是现金担保产品，这意味着通过到期转换为 IBIT 股票而持有的实值 (ITM) 期权。如果您不想要投资组合中的股票，请确保在到期前平仓或展期期权头寸。

* IBIT options have limited expirations for now. Because this is a new product, and expiration choices are tied to options activity, only six expirations are available to trade on IBIT. They are all regular monthly expirations, and more weekly or daily expiration cycles may open up as market makers get a feel for activity in the current active options chains.

* IBIT 期权目前有效期有限。由于这是一种新产品，并且到期选择与期权活动相关，因此 IBIT 上只有六个到期可供交易。它们都是每月定期到期，随着做市商了解当前活跃期权链的活动，可能会出现更多的每周或每日到期周期。

* IBIT options can have wide bid-ask spreads. This is a new product with limited activity, so the bid-ask spreads for options can be quite wide. That means traders disagree, and there is a larger difference in price between the bid where options are sold, and the ask where options are bought. You may need to be more patient getting filled on options strategies because of this.

* IBIT 期权可能具有较大的买卖价差。这是一种活动有限的新产品，因此期权的买卖价差可能相当大。这意味着交易者意见不一致，并且出售期权的出价与购买期权的要价之间存在较大的价格差异。因此，您可能需要更加耐心地了解期权策略。

In these environments, I typically like to stick with "round numbers" because that’s where most traders go (50,55,45 strikes, etc.). Be sure to check the open interest and volume columns on the tastytrade platform to see where traders and investors are gravitating in each expiration cycle.

在这些环境中，我通常喜欢坚持使用“整数”，因为这是大多数交易者所选择的（50、55、45 次行使价等）。请务必检查美味贸易平台上的未平仓合约和交易量栏，以了解交易者和投资者在每个到期周期中的吸引力。

It's an exciting time for the world of cryptocurrencies, with a lot of flexibility around what we can do to gain exposure to the bitcoin world these days. Ideally, we see products like IBIT generate a large options pool with many different expirations and strike choices for pure flexibility for speculating and hedging options positions. It's a great step forward for crypto popularity any way you slice it!

对于加密货币世界来说，这是一个激动人心的时刻，我们现在可以采取很大的灵活性来接触比特币世界。理想情况下，我们看到像 IBIT 这样的产品会生成一个具有许多不同到期日和罢工选择的大型期权池，为投机和对冲期权头寸提供纯粹的灵活性。无论如何，这都是加密货币普及的一大进步！

Join us on Options Trading Concepts Live each day as we manage our IBIT options positions and seek out new trades in other products as well!

加入我们的期权交易概念直播，每天我们管理我们的 IBIT 期权头寸并寻找其他产品的新交易！

Mike Butler, tastylive director of market intelligence, has been in the markets and trading for a decade. He appears on Options Trading Concepts Live, airing Monday-Friday. @tradermikeyb

迈克·巴特勒 (Mike Butler) 是 tastylive 市场情报总监，从事市场和交易已有十年。他出现在周一至周五播出的《Options Trading Concepts Live》节目中。 @tradermikeyb

For live daily programming, market news and commentary, visit tastylive or the YouTube channels tastylive (for options traders), and tastyliveTrending for stocks, futures, forex & macro.

如需每日直播节目、市场新闻和评论，请访问 tastylive 或 YouTube 频道 tastylive（针对期权交易者）以及股票、期货、外汇和宏观交易的 tatyliveTrending。

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与更好的经纪商进行交易，立即开设一个美味的交易账户。 tastylive, Inc. 和 tastytrade, Inc. 是独立但关联的公司。