Original｜Odaily Planet Daily
Author｜jk
On November 19, Tuesday local time in the U.S., options trading for the spot Bitcoin ETF officially launched on Nasdaq, driving the price of Bitcoin to a new all-time high.
BlackRock's iShares Bitcoin Trust (IBIT) is the first spot Bitcoin exchange-traded fund (ETF) to receive options approval, with a notional exposure of nearly $1.9 billion on its first day of trading. Previously, this ETF received approval from the U.S. Securities and Exchange Commission for its options trading on September 20.
“The final statistics for the first day of options trading for $IBIT were 354,000 contracts, with a notional exposure of nearly $1.9 billion. Among them, call options totaled 289,000 contracts, while put options totaled 65,000 contracts, with a ratio of 4.4:1. These options trades are almost certainly one of the main reasons Bitcoin's price reached a new high today,” Bloomberg Intelligence ETF analyst James Seyffart stated on X.
His colleague, analyst Eric Balchunas, noted, “The $1.9 billion first-day trading volume is unprecedented. In comparison, BITO (ProShares Bitcoin Strategy ETF, which is a Bitcoin futures ETF) had a first-day trading volume of $363 million, and it has been around for four years. Additionally, the contract limit for IBIT options is 25,000 contracts. But even so, $1.9 billion is not considered ‘large-scale’; for example, the trading volume of the gold ETF (GLD) today was $5 billion, but give it a few days or weeks, and there may be further growth.”
He also mentioned, “Especially the C100 options expiring on December 20, which essentially bet that the price of Bitcoin will double within a month.”
According to Coingecko data, Bitcoin reached its all-time high at noon local time, with a peak price of $94,040.
Bitcoin's performance in the last 24 hours. Source: Coingecko
Market Voices
According to The Block, market structure expert Dennis Dick expects that with the rise of spot Bitcoin ETF options trading, Bitcoin's volatility may actually decrease. “As the number of open contracts increases, the market will naturally form buyers and sellers… This will increase market depth, enhance liquidity, and thus reduce volatility,” Dick stated.
ETF Store President Nate Geraci predicts a wave of new ETF applications. “I mentioned before that we expect an increase in ETF applications based on Bitcoin options strategies,” Geraci stated on social media. “This includes Bitcoin ETFs with covered call strategies, buffered Bitcoin ETFs, tail risk Bitcoin ETFs, convexity Bitcoin ETFs, and more.”
At the same time, The Block reported that Grayscale quickly submitted an updated prospectus for a Bitcoin covered call ETF. The fund will provide exposure to GBTC and Bitcoin and generate returns by purchasing options contracts on Bitcoin ETPs.
“Grayscale is excited that options trading for GBTC and Bitcoin is about to begin… further developing the ecosystem around our U.S.-listed Bitcoin ETP,” said David LaValle, Global ETF Head at Grayscale Investments. “The demand for Bitcoin ETPs is unprecedented, and the Grayscale team is proud to offer a range of Bitcoin products to enhance investor choice, including the lowest-cost Bitcoin ETP, making exposure to Bitcoin and the cryptocurrency asset class more accessible.”
Bitwise and Grayscale's Bitcoin ETF options will start trading tomorrow, and Odaily Planet Daily will continue to provide coverage.
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