March 2022
Intermediate to advanced
293 pages
5h 31m
Chinese
Content preview from 精通区块链
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150 ｜ 第 6 章
6.2.7
衍生品
作为允许投资者获得加密货币潜在价值的金融产品，衍生品正日益成为生态
系统的重要组成部分。以下是讨论衍生工具时使用的一些重要术语的汇总：
期权（
Option
）
合同赋予交易者有权利但没有义务从资产价格上涨（买进）获利，或者从
资产价格下跌（卖出）获利。对于加密货币，期权可以使交易者更好地管
理市场风险。由于监管原因，加密货币市场的期权格局仍处于新生阶段，
但预计在未来几年中将会增长。
期货（
Future
）
比特币期货允许获得比特币收入的企业在未来某个时间锁定加密货币的价
格。这样，这些企业将不会受到可能影响其收入的不稳定的价格变动的影
响。期货合约的普通用户包括比特币矿工（他们可以使用期货合约来保护
自己的收入）和投机者。比特币期货的主要供应商包括大宗商品的中坚力
量芝加哥商业交易所（
CME
）和
Bakkt
。
交易所交易基金
交易所交易基金（
ETF
）是使投资者能够付费使用另一方管理的资产或资
产组合的产品。对于加密货币，这意味着基金将为投资者管理加密货币。
在美国，尚未批准这些类型的投资工具，尽管在欧洲这样的地方有可用的
类似工具（在那里称为交易所交易票据或
ETN
）。
保证金
/
杠杆产品
许多交易所允许交易者进行保证金交易，即向投资者提供信贷，让其拿出
一定数额的价值，称为抵押品。在受监管的交易所，这通常是交易商余额
的
5~10
倍。然而，一些交易所允许高达
100
倍的保证金。这可能是危险的，
因为非常小的价格波动就会导致自动清算。与追加保证金类似，自动清算
将迅速抹去交易者的余额。
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