IBIT 期权挑战 Deribit 在加密衍生品市场的主导地位

美国证券交易委员会 (SEC) 批准的与贝莱德现货比特币 ETF (IBIT) 相关的期权于 11 月 19 日推出，迅速在加密衍生品市场掀起波澜。

The U.S. Securities and Exchange Commission (SEC)-approved options tied to BlackRock’s spot Bitcoin ETF (IBIT), which launched on November 19, have quickly made waves in the crypto derivatives market. In less than two months, these options have amassed open interest worth $11 billion, nearly half of the $23 billion held in Deribit’s long-established 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 ETF (IBIT) 相关的期权于 11 月 19 日推出，迅速在加密衍生品市场掀起波澜。在不到两个月的时间里，这些期权已积累了价值 110 亿美元的未平仓合约，几乎是 Deribit 历史悠久的比特币期权市场持有的 230 亿美元的未平仓合约的一半。

According to data from OptionCharts.io on Monday, there were 2.16 million active IBIT options contracts. This impressive figure highlights the strong demand for regulated crypto derivatives in the U.S. Each IBIT option contract represents 100 shares of BlackRock’s Bitcoin ETF, and its notional value is calculated by multiplying the ETF’s price by the lot size.

根据 OptionCharts.io 周一的数据，活跃的 IBIT 期权合约有 216 万份。这一令人印象深刻的数字凸显了美国对受监管的加密货币衍生品的强劲需求。每张 IBIT 期权合约代表 100 股贝莱德比特币 ETF，其名义价值是通过将 ETF 价格乘以手数计算得出的。

On the other hand, Deribit has been a leading force in the global crypto options market for eight years, offering contracts representing one BTC each. While Deribit’s offshore status has historically limited access for U.S.-based investors, IBIT options now provide a regulated alternative, catering to both institutional investors and retail traders in the U.S.

另一方面，Deribit 八年来一直是全球加密货币期权市场的主导力量，提供每份代表 1 BTC 的合约。虽然 Deribit 的离岸地位历来限制美国投资者的参与，但 IBIT 期权现在提供了一种受监管的替代方案，同时满足美国的机构投资者和零售交易者的需求

These IBIT options have introduced a fresh dynamic in the market. According to Volmex Finance, a crypto derivatives protocol, these products not only attract retail investors but also offer new opportunities for institutional players.

这些 IBIT 选项为市场带来了新的活力。加密货币衍生品协议 Volmex Finance 表示，这些产品不仅吸引了散户投资者，还为机构参与者提供了新的机会。

“IBIT options are rapidly gaining traction, challenging Deribit’s longstanding dominance. This growth reflects increasing interest from U.S. traders who previously lacked access to regulated crypto options,” commented Volmex.

“IBIT 期权正在迅速获得关注，挑战了 Deribit 的长期主导地位。这种增长反映出美国交易者的兴趣日益浓厚，他们之前无法获得受监管的加密货币期权。”Volmex 评论道。

Despite the rise of IBIT options, Deribit’s Chief Executive Officer, Luuk Strijers, sees this development as ultimately beneficial for the broader crypto derivatives market.

尽管 IBIT 期权兴起，但 Deribit 首席执行官 Luuk Strijers 认为这一发展最终有利于更广泛的加密衍生品市场。

“IBIT options cater primarily to U.S. retail investors—a segment historically excluded from Deribit’s platform. Their activation has not negatively impacted our market activity. Instead, they’ve introduced arbitrage opportunities and improved institutional risk management,” noted Strijers, adding that Deribit continues to serve as a global hub for risk and volatility management.

“IBIT 期权主要面向美国散户投资者——这一群体历来被排除在 Deribit 平台之外。它们的激活并未对我们的市场活动产生负面影响。相反，他们引入了套利机会并改进了机构风险管理。”Strijers 指出，并补充说 Deribit 继续充当风险和波动性管理的全球中心。

Crypto options, like their traditional market counterparts, allow traders to hedge against or speculate on price movements, volatility, and the passage of time. With BlackRock’s spot Bitcoin ETF as the underlying asset, IBIT options have made these strategies accessible to a wider audience, particularly those who prioritize regulatory compliance.

与传统市场期权一样，加密货币期权允许交易者对冲或推测价格变动、波动性和时间的流逝。以贝莱德的现货比特币 ETF 作为标的资产，IBIT 期权使这些策略可供更广泛的受众使用，特别是那些优先考虑监管合规的受众。