华夏时报（www.chinatimes.net.cn）记者 卢梦雪 冉学东 北京报道
Summer Times (www.chinatimes.net.cn), journalist Lumongshe, Beijing News
3月11日，比特币价格突破72000美元，续创历史新高。
On 11 March, the price of Bitcoin exceeded $72,000, continuing at an all-time high.
Companies Marketcap最新数据显示，随着比特币价格的突破，比特币市值已升至1.389万亿美元，超越白银（1.381万亿美元），跻身全球市值第八大资产。
Recent data from Company Marketcap show that, with the breakthrough in Bitcoin prices, the market value of Bitcoin has risen to $1.389 trillion, surpassing the silver ($1.381 trillion) and becoming the eighth largest asset in the global market.
与此同时，区块链概念股集体走强，MicroStrategy涨近9%，嘉楠科技涨超6%，Coinbase、Marathon Digital涨逾5%。
At the same time, the block chain concept unit was collectively strong, with MicroStrategy rising by almost 9 per cent, KANI technology by more than 6 per cent and Coinbase, Marathon Digital by more than 5 per cent.
比特币现货ETF的获批上市被认为是促成本轮币价上涨的催化剂之一。随着近日美国证券交易委员会（SEC）将现货比特币ETF期权的审议推迟，市场再度将目光聚焦到了比特币衍生品之上。
The successful listing of the Bitcoin spot ETF is considered to be one of the catalysts for increasing the price of this currency. With the recent postponement by the United States Securities and Exchange Commission (SEC) of consideration of the spot bitcoin ETF options, the market has once again focused on bitcoin derivatives.
比特币价格接连创新高
Bitcoin prices are in line with innovation
2月中旬以来，比特币价格一路上涨，2月20日突破5万美元，2月28日突破6万美元，3月11日，比特币价格再次冲击历史新高，突破72000美元，日内涨超4%。
Bitcoin prices have risen all the way since mid-February, with a breakthrough of $50,000 on 20 February, $60,000 on 28 February and another historic high of $72,000 on 11 March, with an increase of over 4 per cent per day.
与此同时，比特币市值超越白银，跻身全球市值第八大资产。受益于币价上涨，加密货币分析公司Kaiko Research数据显示，当前每天大概有1500个新增的比特币“百万富翁钱包”。
At the same time, Bitcoin’s market value goes beyond silver to become the eighth largest asset in the world. To benefit from the rise in currency prices, encryption money analysis company Kaiko Research shows that there are about 1,500 new bitcoins of “millionaire wallets” today.
曾因投资比特币亏损而受到嘲笑的萨尔瓦多总统Nayib Bukele，其比特币持仓也实现了更大幅度的浮盈。萨尔瓦多整个投资组合包含2861枚BTC， 根据Nayib Tracker网站的数据，萨尔瓦多的加密货币金库目前价值2.073亿美元，利润为8500万美元。
El Salvador’s President Nayib Bukele, who had been mocked at for investing in the Bitcoin loss, also achieved a larger surplus in the Bitcoin warehouse. El Salvador’s entire portfolio consisted of 2,861 BTCs, and, according to the Nayib Tracker website, El Salvador’s encrypted currency vault was currently valued at $207.3 million, with a profit of $85 million.
市场认为，比特币减半、现货ETF的获批等因素是促成本轮比特币价格上涨的关键因素，同时，对于后续币价的走势，市场也有了诸多预期。
The market considered that the halving of bitcoins and the approval of spot ETFs were among the key factors contributing to the increase in the price of bitcoins in the current round, while the market also had many expectations as to the direction of subsequent currency prices.
记者注意到，自现货比特币ETF推出以来，更多的比特币衍生品正在筹备进入市场。
Journalists noted that more Bitcoin derivatives were preparing to enter the market since the launch of the spot Bitcoin ETF.
今年1月份，彭博分析师Eric Balchunas在X平台表示：“收到很多针对现货比特币ETF推出后需要多长时间才能提供期权的询问，对比期货来看，期货比特币ETF期权在期货比特币ETF发布的第二天就被批准了，这意味着现货比特币ETF期权本身拥有完整的市场，批准只是时间问题。”
In January of this year, the Bloomberg analyst Eric Balchunas stated on platform X: “A number of queries were received as to how long it would take to provide options after the launch of the spot Bitcoin ETF. In contrast to futures, the future currency ETF options were approved on the day after the release of the future price Bitcoin ETF, which meant that the spot Bitcoin ETF options themselves had a full market and approval was only a matter of time”.
一份公开的文件显示，贝莱德正向SEC申请为其AUM 180亿美元的Global Allocation Fund、和AUM 367亿美元的Strategic Income Opportunities Fund 添加现货比特币ETF敞口。
A public document indicates that Belede is applying to SEC for the addition of a current Bitcoin ETF exposure for its AUM $18 billion Global Allocation Fund, and AUM $367 billion Strategic Income Opportunities Fund.
同时，纳斯达克和芝加哥期权交易所（Cboe）向SEC提交了BTC ETF期权交易申请。纳斯达克申请修改规则，以允许其在贝莱德的iShares Bitcoin Trust上列出和交易期权。Cboe申请列出和交易适用于“持有比特币ETP（交易所交易产品）”的期权交易。
At the same time, NASDAQ and the Chicago Stock Exchange (Cboe) have submitted BTC ETF options to SEC. NASDAQ has applied to amend the rules to allow it to list and trade options on iShares Bitcoin Trust in Belede.
伦敦证券交易所3月11日指出，将从今年第二季度开始接受比特币和以太坊ETN（为加密支持的交易所交易票据）的申请，具体的推出日期也将在适当时候确认。
The London Stock Exchange indicated on 11 March that applications for Bitcoin and Ethio Ethn (exchange instruments supported by encryption) would be accepted starting in the second quarter of this year, with a specific roll-out date to be confirmed in due course.
“这些新闻显示一个新的趋势才刚刚开始，也就是被动资管的配置。”3月11日，MUSE研究院负责人江金泽向《华夏时报》记者指出，这些资管计划会将BTC作为一种另类资产配置到组合中，其中相当一部分资管会采用固定比例配置策略，这些策略本身很多时候并不考虑BTC绝对估值的高低，会大大增加BTC市场的厚度。
“These news stories show a new trend that has just begun, that is, the configuration of passive capital management.” On March 11, the head of the Muse Institute, Jiang Kinzawa, pointed out to the Washington Times that these schemes would allocate BTC as an alternative asset to the portfolio, and that a significant part of them would adopt a fixed-scale configuration strategy, which would in many cases not take into account BTC's absolute valuation and would significantly increase the thickness of the BTC market.
更丰富的衍生品市场
理论上来讲，比特币ETF期权产品主要面向的是经过美国SEC批准的比特币现货ETF期权的相关申请机构的用户群体。当前，上市现货比特币ETF的三家交易所都已要求SEC允许其上市现货比特币ETF的期权。
Theoretically, the Bitcoin ETF options are primarily directed at the user groups of the relevant applicants for the Bitcoins spot ETF options approved by the United States SEC. Currently, all three of the listed ready-to-market Bitcoins ETF exchanges have asked SEC to allow their marketed spot ETF options.
灰度CEO在致信美国SEC时指出，期权将促进新ETF股票的价格发现，这将有助于投资者驾驭市场状况、对冲和创造收入。此外，期权还将“通过允许更多受监管的市场参与者”（例如合约商人和经纪自营商）交易产品，进一步将比特币纳入监管范围。
In a letter to the US SEC, the Greyscale CEO stated that options would facilitate the discovery of prices for new ETF stocks, which would help investors to manage market conditions, hedges, and generate income. In addition, options would further include Bitcoin in regulation “by allowing more regulated market participants (e.g. contract traders and brokers) to trade in products.
但美国证券交易委员会（SEC）在上周三表示，推迟批准(Cboe)上市和交易比特币ETF期权的决定，就批准拟议的规则变更决策时间推迟到4月底。
However, the United States Securities and Exchange Commission (SEC) indicated last Wednesday that the decision to postpone the approval of listing and trading of Bitcoin ETF options had been postponed until the end of April to approve the proposed change in rules.
“ETF在散户和比特币之间架起了一座桥，让散户可以通过购买ETF来享受比特币的涨幅。”3月11日，一资深加密货币交易员向《华夏时报》记者分析称，比特币现货ETF期权能让投资者实施更广泛的投资策略，如果这些期权获得批准上市，比特币期权市场可能会得到显著提振。
“ETF built a bridge between the amphibious and bitcoin to allow the bulk to enjoy a bitcoin increase by purchasing the ETF.” On 11 March, a senior encrypted currency trader analysed to Reporters of the Summer Times the fact that the spot ETF period of Bitcoin empowers investors to implement a broader investment strategy and that if those options were approved for listing, the Bitcoin options market could be significantly boosted.
但比特币现货ETF期权需要保持与现有ETF期权相同的交易规则和程序，SEC将在发布通知后45天内做出决定，但也可能将这一期限延长至90天。
However, the spot ETF options in Bitcoin need to maintain the same transaction rules and procedures as the existing ETF options, and SEC will decide within 45 days of the notification, but may also extend the period to 90 days.
根据官方信息，SEC方面认为有必要指定一个较长的时间来考虑前述拟议的规则的变更。
According to official information, the SEC considered it necessary to assign a longer period of time to consider the proposed changes to the above-mentioned rules.
“比特币现货ETF期权本质上是一种金融工具，作用与其他ETF期权类似，是一种帮助投资者对冲比特币现货ETF行情波动的有效工具，既有助于价格发现，也可以帮助为投资者在多变的市场条件下提供更多选择。”3月12日，OKX研究院高级研究员赵伟向《华夏时报》记者表示。
“Bitco's spot ETF options are essentially a financial instrument whose role is similar to that of other ETF options, and are an effective tool to help investors to counter the volatility of current ETFs in Gobitco, helping both to identify prices and to provide investors with more options under volatile market conditions.” On 12 March, Jo Wei, a senior researcher at the OkX Institute, stated to a Washington Times journalist.
“值得一提的是，由于监管机构将比特币视为一种商品，比特币现货ETF的期权产品可能还需要获得商品期货交易委员会（CFTC）的批准。这可能会导致引入双重监管，而双重监管将增加交易所们申请比特币现货ETF期权的复杂性。”赵伟进一步表示。
“It is worth noting that, since the regulators consider Bitcoin to be a commodity, its spot ETF products may also need approval from the Commodity Futures Trading Commission (CFTC). This could lead to the introduction of dual regulation, which would add to the complexity of exchange claims for Bitcoin spot ETF options.” Zhao Wei further states.
福建华策品牌定位咨询创始人詹军豪则在接受《华夏时报》记者采访时表示，比特币相关衍生品市场的丰富，反映了加密货币市场与传统金融市场的融合趋势，衍生品的推出降低了加密货币投资者的门槛，让投资者可以通过传统的券商或交易平台来购买和交易这些衍生品，而无需自己开设加密货币钱包或进行复杂的交易操作。
In an interview with a Washington Times journalist, the founder of the Fujian Watze brand positioning consultancy, Gen Juntao, stated that the abundance of Bitcoin-related derivatives markets reflected the trend towards the integration of crypto-currency markets with traditional financial markets, and that the introduction of derivatives lowered the threshold for encrypted money investors, allowing investors to purchase and trade such derivatives through traditional bond dealers or trading platforms without having to open their own encrypted currency wallets or conduct complex trading operations.
“但鉴于现货ETF期权与现货ETF的产品属性不同，我们不能直接将其带来的效应等同于比特币现货ETF，并将其认定为新的市场催化剂。”赵伟提醒。
“But given that the spot ETF options are different from the product properties of the spot ETF, we cannot directly equate their effect with the Bitcoin spot ETF and identify it as a new market catalyst.” Zhao Wei's reminder.
责任编辑：孟俊莲 主编：张志伟
Editor-in-chief: Zhang Zhiwei
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