币安推出专为 BTC 持有者设计的比特币收益产品。
该产品运行系统化的备兑看涨期权策略，为更广泛的潜在投资者带来收益生成策略。
回报无法得到保证，尤其是在比特币价格上涨且看涨期权被行使的情况下。
币安为比特币 BTC$63,439.38 持有者推出了一款产品，希望在不出售任何资产的情况下获得额外的投资收益，加入贝莱德等公司的行列，帮助他们实现回报最大化。
该产品 BTC Yield 可在 Binance Earn 内使用，专为已经持有比特币的人设计。
用户将比特币存入该产品，并收到一个名为 BTCY 的内部头寸，该头寸跟踪他们在策略中的份额。一切仍然以比特币计价，并且该产品不能用稳定币或其他资产来资助。
币安持有存入的比特币作为抵押品，同时系统地出售 BTC 看涨期权，也就是说，它为 BTC 价格上涨提供了保险。致电卖家或作家将获得溢价补偿。币安收取这些溢价并与参与者分享其中大部分。
这种备兑看涨期权方法在加密货币和传统金融中很常见，通常需要深厚的期权知识才能执行。币安的版本通过处理幕后的一切，让普通交易者可以使用它。
两种回报方式
该产品通过两种方式产生潜在回报。
首先，收取的保费的一部分被转换为比特币，并每周五分发到用户的现货账户，作为可能的每周支付。
剩余的溢价留在策略内并逐渐增加每个 BTCY 单位的价值。随着保留保费的积累，每个单位慢慢代表更多的实际比特币。当用户最终兑换时，他们会收到更高的比特币金额，从而提供第二种形式的回报。
币安交易所和交易主管 Shunyet Jan 在与 CoinDesk 分享的一份声明中表示：“备兑看涨期权策略长期以来一直在传统金融中使用，但对于散户用户来说，直接访问它们可能很复杂。” “通过 BTC Yield，我们正在简化那些希望在不积极进行市场交易的情况下获得收入潜力的比特币持有者的体验。”
此次亮相之际，传统金融也拥抱着类似的理念。例如，贝莱德最近推出了一款比特币收益 ETF，该 ETF 也使用备兑看涨期权策略为持有者带来额外回报。
币安的看法
与任何基于期权的产品一样，比特币收益也存在成本和风险。
币安在计算用户收益之前收取总期权费的 15%，退出时收取赎回费。该产品不提供本金保护，每周分配没有保证并且可能为零，并且该策略可能会在比特币强劲反弹期间限制上涨空间，因为看涨期权可能会被行使。在大牛市中，仅仅持有现货比特币往往会跑赢它。
总体而言，比特币收益率为长期持有者提供了一种通过闲置比特币寻求收入的直接方式，但它最适合那些愿意权衡的人。
币安比特币新闻期权
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Binance debuts a bitcoin yield product exclusively for BTC holders.
The product runs a systematic covered call strategy, bringing yield-generation strategies to a wider pool of potential investors.
Returns are not guaranteed, especially if bitcoin's price rises and the call options are exercised.
Binance has introduced a product for bitcoin BTC$63,439.38 holders looking to earn extra yield on their investment without selling any of it, joining the likes of BlackRock in helping them maximize returns.
The product, BTC Yield, is available inside Binance Earn and is designed exclusively for people who already hold bitcoin.
Users deposit their bitcoin into the product and receive an internal position called BTCY, which tracks their share in the strategy. Everything remains denominated in BTC, and the product cannot be funded with stablecoins or other assets.
Binance holds the deposited bitcoin as collateral while systematically selling BTC call options, that is, it writes insurance against price rallies in BTC. The call seller, or writer, gets compensated with a premium. Binance collects those premiums and shares most of them with participants.
This covered-call approach, common in crypto and traditional finance, has typically required deep options knowledge to execute. Binance’s version makes it accessible to regular traders by handling everything behind the scenes.
Two types of return
The product generates potential returns in two ways.
First, a portion of the collected premiums is converted to bitcoin and distributed to users’ spot accounts every Friday as a possible weekly payout.
The remaining premiums stay inside the strategy and gradually increase the value of each BTCY unit. As the retained premiums accumulate, each unit slowly represents more actual BTC. When users eventually redeem, they receive this higher BTC amount, providing a second form of return.
“Covered call strategies have long been used in traditional finance, but they can be complex for retail users to access directly,” Shunyet Jan, head of exchange and trading at Binance, said in a statement shared with CoinDesk. "With BTC Yield, we are simplifying that experience for Bitcoin holders who want income potential without actively trading the market.”
The debut comes as traditional finance embraces similar ideas. BlackRock, for example, recently introduced a Bitcoin income ETF that also uses a covered-call strategy to generate additional returns for holders.
Binance's take
Like any options-based product, BTC Yield carries costs and risks.
Binance takes a 15% share of gross option premiums before calculating user yield, and redemption fees apply when exiting. The product offers no principal protection, weekly distributions are not guaranteed and can be zero, and the strategy can limit upside during strong bitcoin rallies because calls may get exercised. In big bull markets, simply holding spot BTC will often outperform it.
Overall, BTC Yield gives long-term holders a straightforward way to seek income on idle bitcoin, but it is best suited for those comfortable with the trade-offs.
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