纽约证券交易所比特币 ETF 期权是游戏规则的改变者：原因如下

美国证券交易委员会已批准纽约证券交易所（NYSE）开始进行现货比特币交易所交易基金期权交易

The Securities and Exchange Commission has given the green light for the New York Stock Exchange (NYSE) to begin trading options on Spot Bitcoin Exchange-Traded Funds. This approval will allow investors to access Bitcoin ETF options within a regulated environment for the first time.

美国证券交易委员会已批准纽约证券交易所（NYSE）开始进行现货比特币交易所交易基金期权交易。此次批准将允许投资者首次在受监管的环境下获得比特币 ETF 期权。

The approval of Bitcoin ETF options on the NYSE follows an application filed on August 14, 2024. This move will expand access to Bitcoin funds by allowing regulated option trading. The SEC’s decision comes after months of review and follows the broader approval of Spot Bitcoin ETFs earlier in the year.

继 2024 年 8 月 14 日提交申请后，比特币 ETF 期权在纽约证券交易所获得批准。此举将通过允许受监管的期权交易来扩大比特币基金的使用范围。美国证券交易委员会的决定是在经过数月的审查后做出的，也是在今年早些时候现货比特币 ETF 得到更广泛的批准之后做出的。

Additionally, the introduction of options trading on Bitcoin ETFs is expected to expand market participation. ETF options will offer investors the ability to manage risk more effectively by utilizing cross-margining capabilities, something unavailable on exchanges like Deribit or LedgerX.

此外，比特币 ETF 期权交易的推出预计将扩大市场参与度。 ETF 期权将使投资者能够利用交叉保证金功能更有效地管理风险，而这在 Deribit 或 LedgerX 等交易所上是不具备的。

Impact on Bitcoin’s Value and Market ActivityFollowing the SEC’s approval announcement, Bitcoin's value increased by 3%. This spike, added to the 13% growth Bitcoin has experienced over Q3 2024, reflects growing investor confidence as BTC nears its all-time high of $73,000, set earlier this year in March. With options trading set to begin next week, many analysts anticipate that Bitcoin could surge past this mark, driven by the additional liquidity and trading strategies enabled by options.

对比特币价值和市场活动的影响在 SEC 宣布批准后，比特币的价值上涨了 3%。比特币在 2024 年第三季度经历了 13% 的增长，这一飙升反映了随着 BTC 接近今年 3 月初创下的历史高点 73,000 美元，投资者信心不断增强。随着期权交易将于下周开始，许多分析师预计，在期权带来的额外流动性和交易策略的推动下，比特币可能会飙升至这一水平。

The Financial and Structural Ramifications of Bitcoin ETF OptionsThe introduction of ETF options introduces a structural shift for Bitcoin markets. For the first time, Bitcoin’s notional value can be leveraged in a regulated setting with protection from the Options Clearing Corporation (OCC).

比特币 ETF 期权的财务和结构影响 ETF 期权的推出给比特币市场带来了结构性转变。比特币的名义价值首次可以在受期权清算公司（OCC）保护的受监管环境中发挥作用。

This removes counterparty risk concerns that have historically limited wider adoption. The ability to express duration through long-term options could also offer investors better opportunities to leverage Bitcoin's volatility compared to the traditional fully collateralized spot market, which can experience sharp price drops.

这消除了历史上限制更广泛采用的交易对手风险担忧。与传统的完全抵押现货市场相比，通过长期期权表达久期的能力还可以为投资者提供更好的机会来利用比特币的波动性，而传统的完全抵押现货市场可能会经历价格大幅下跌。

The options market also allows for unique volatility characteristics specific to Bitcoin. Unlike traditional equities, where volatility skews towards downside risk, Bitcoin's “volatility smile” reflects equal risk premiums on both sides, as both upside and downside volatility are common in the market.

期权市场还允许比特币特有的独特波动特征。与波动性偏向下行风险的传统股票不同，比特币的“波动性微笑”反映了双方的风险溢价相等，因为市场上行和下行波动都很常见。

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