比特币期权交易将如何改变加密货币市场

比特币期权交易的兴起为投资者打开了新的大门，增加了一定程度的灵活性和策略，而不仅仅是购买和持有数字资产。

The integration of bitcoin into the traditional financial (TradFi) landscape has been advancing rapidly, especially with the increasing popularity of derivatives like options. This development has opened up new possibilities for investors, adding a layer of flexibility and strategy that goes beyond simply buying and holding digital assets.

比特币与传统金融 (TradFi) 领域的整合一直在迅速推进，尤其是随着期权等衍生品的日益普及。这一发展为投资者开辟了新的可能性，增加了一层灵活性和策略，而不仅仅是简单地购买和持有数字资产。

In a recent roundtable discussion, Rob Nelson, the anchor, and Paul Giordano, the V.P. of Digital Asset Management at Marathon Digital, delved into this topic.

在最近的一次圆桌讨论中，主播 Rob Nelson 和 Marathon Digital 数字资产管理副总裁 Paul Giordano 深入探讨了这个话题。

“Are we now moving bitcoin into the space of being an actual tradable commodity, just like other mainstream TradFi assets?” Nelson asked.

“我们现在是否正在将比特币转变为真正的可交易商品，就像其他主流 TradFi 资产一样？”纳尔逊问道。

Giordano highlighted the diverse range of options that bitcoin options provide traders. “Bitcoin itself is very, very heavily traded,” he said. He explained how bitcoin is already being transacted widely, but the introduction of ETFs has brought it more fully into traditional financial settings. “The ETF has brought the properties of bitcoin into the traditional financial world,” he noted.

佐丹奴强调了比特币期权为交易者提供的多样化选择。 “比特币本身的交易量非常非常大，”他说。他解释了比特币如何被广泛交易，但 ETF 的引入使其更全面地融入传统金融环境。 “ETF 将比特币的特性带入了传统金融世界，”他指出。

Giordano further elaborated on how the options market enhances traders' control. “It just adds more ability to manage your exposures,” he explained, adding that options enable investors to enter and exit positions more quickly. “You don't have to pay for a hundred percent of the cost of these options because a lot of them are out of the-money,” he said.

佐丹奴进一步阐述了期权市场如何增强交易者的控制力。他解释说：“它只是增加了管理风险敞口的能力。”他补充说，期权使投资者能够更快地进入和退出头寸。 “你不必为这些期权支付百分之一百的成本，因为其中很多都是价外的，”他说。

However, not everyone in the bitcoin space is fully convinced that this development is entirely positive. Caitlin Long, a former Wall Street executive and the founder of Custodia Bank, has expressed concerns about the potential impact of a large bitcoin options market on the spot bitcoin price and the possibility of shell games, which have plagued traditional finance.

然而，并不是比特币领域的每个人都完全相信这种发展是完全积极的。前华尔街高管、Custodia 银行创始人凯特琳·朗 (Caitlin Long) 对大型比特币期权市场对比特币现货价格的潜在影响以及可能出现的骗局表示担忧，这些问题一直困扰着传统金融。

“The issue with such layered financial products is that they can create feedback loops between the derivative price and the underlying spot price,” she said. “There’s a lot of leverage on the derivative itself, and there’s even more coming now with options. So the question is, which came first? The chicken or the egg? What drives the spot price?”

“这种分层金融产品的问题在于，它们可以在衍生品价格和基础现货价格之间建立反馈循环，”她说。 “衍生品本身有很大的杠杆作用，而且现在还有更多的期权。那么问题来了，哪个先出现呢？先有鸡还是先有蛋？是什么推动了现货价格？”

On the positive side, Giordano concluded that bitcoin options provide traders with more tools to manage risk and adjust their positions effectively, further deepening bitcoin’s role within both digital and traditional financial systems.

从积极的一面来看，佐丹奴得出的结论是，比特币期权为交易者提供了更多工具来管理风险并有效调整头寸，进一步深化比特币在数字和传统金融系统中的作用。