贝莱德的 IBIT 期权正在挑战 Deribit 在加密货币期权市场的主导地位

美国国内对受监管的加密产品的需求是真实的。美国 SEC 批准的与贝莱德现货比特币 (BTC) 交易所交易基金 (IBIT) 挂钩的期权

The U.S. Securities and Exchange Commission (SEC)-approved options linked to BlackRock's spot bitcoin (BTC) exchange-traded fund (IBIT) are already almost half the size of Deribit's eight-year-old bitcoin options market.

美国证券交易委员会 (SEC) 批准的与贝莱德现货比特币 (BTC) 交易所交易基金 (IBIT) 相关的期权几乎是 Deribit 已有八年历史的比特币期权市场规模的一半。

On Monday, there were 2.16 million open or active IBIT options contracts, representing a notional value of $11 billion, according to data from optioncharts.io. This notional value is calculated by multiplying the open interest by the ETF's price and the lot size of 100.

根据 optioncharts.io 的数据，周一有 216 万份未平仓或活跃 IBIT 期权合约，名义价值为 110 亿美元。该名义价值的计算方法是将持仓量乘以 ETF 的价格和手数 100。

The tally equates to 50% of the $23 billion locked in the open BTC options on Deribit at press time. One option contract on Deribit represents one BTC.

截至发稿时，这一数字相当于 Deribit 上未平仓 BTC 期权锁定的 230 亿美元的 50%。 Deribit 上的一份期权合约代表 1 个 BTC。

Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call provides the right to buy, and a put offer offers the right to sell.

期权是衍生品合约，赋予购买者在以后以预设价格购买或出售标的资产的权利。看涨期权提供购买权，看跌期权提供出售权。

Similar to traditional markets, traders leverage crypto options to speculate on or hedge against price movements, volatility, and the effects of time (theta).

与传统市场类似，交易者利用加密货币期权来投机或对冲价格变动、波动性和时间 (theta) 的影响。

Deribit has held a leading position for years, with traders and investors using its bitcoin and ether options to set up complex directional and non-directional strategies. However, the exchange's offshore status kept U.S.-based investors looking for regulated avenues at the bay. IBIT options are stepping in to fill that gap.

Deribit 多年来一直保持领先地位，交易者和投资者利用其比特币和以太币期权来制定复杂的定向和非定向策略。然而，该交易所的离岸地位让美国投资者在海湾地区寻找受监管的途径。 IBIT 期权正在填补这一空白。

"With BlackRock's spot Bitcoin ETF as its underlying asset, IBIT options appeal not only to institutional investors but also U.S. retail traders who favor regulated markets. This rapidly expanding segment is evident in the increasing demand for IBIT options," Volmex Finance, a crypto derivatives protocol, told CoinDesk in an email.

加密货币衍生品 Volmex Finance 表示：“以贝莱德的现货比特币 ETF 作为标的资产，IBIT 期权不仅吸引了机构投资者，也吸引了青睐受监管市场的美国散户交易者。这一快速扩张的细分市场在对 IBIT 期权的需求不断增长中显而易见。”协议，在一封电子邮件中告诉 CoinDesk。

Volmex added that the growing popularity of IBIT options is challenging Deribit's dominance in the crypto options market. But Deribit CEO Luuk Strijers said IBIT options have created positive ripple effects for the industry.

Volmex 补充说，IBIT 期权的日益普及正在挑战 Deribit 在加密期权市场的主导地位。但 Deribit 首席执行官 Luuk Strijers 表示，IBIT 选项为该行业带来了积极的连锁反应。

"IBIT options are predominantly traded by U.S. retail investors, a segment that historically has not had access to Deribit. As such, their activation has not negatively impacted our market activity. If anything, it has created positive effects by introducing new arbitrage opportunities and facilitating enhanced risk-offloading strategies for institutional participants as Deribit continues to act as the global repository for risk and volatility," Strijers told CoinDesk.

“IBIT 期权主要由美国散户投资者进行交易，该部分历史上无法访问 Deribit。因此，它们的激活并未对我们的市场活动产生负面影响。如果说有什么影响的话，那就是它通过引入新的套利机会并促进随着 Deribit 继续充当全球风险和波动性存储库，我们加强了机构参与者的风险卸载策略。”Strijers 告诉 CoinDesk。

Strijers explained that activity in IBIT options is concentrated in short-dated options, indicating the demand for lower premium (priced) options.

Strijers 解释说，IBIT 期权的活动主要集中在短期期权，这表明对较低溢价（定价）期权的需求。