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$

BTC $92,510 +0.96% ETH $3,111 -0.65% BNB $613 -0.82% SOL $235 -2.77% XRP $1.08
-2.68% TON $5.43 -3.51%

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Martin Young
1 hour ago


BLACKROCK BITCOIN ETF OPTIONS SEE ‘UNHEARD OF’ $1.9B TRADED ON FIRST DAY

Bloomberg’s senior ETF analyst Eric Balchunas said that “$1.9 billion is unheard
of for day one” as the debut day for options on BlackRock’s spot Bitcoin ETF saw
huge volumes.

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Options contracts on BlackRock’s spot Bitcoin exchange-traded fund (ETF), the
iShares Bitcoin Trust ETF (IBIT), saw nearly $2 billion in total exposure
traded, which could have pushed Bitcoin to its new high of over $94,000.

“Final tally of IBIT’s first day of options is just shy of $1.9 billion in
notional exposure traded via 354,000 contracts,” Bloomberg ETF analyst James
Seyffart reported on Nov. 20. 

“These options were almost certainly part of the move to the new Bitcoin
all-time highs today,” he added. Bitcoin BTC $92,471 hit a new peak of $94,105
on Coinbase on Nov. 19, per TradingView.

“$1.9 billion is unheard of for day one,” Bloomberg’s senior ETF analyst Eric
Balchunas commented, he compared it to the first ETF offering Bitcoin exposure
in the United States — the ProShares Bitcoin Strategy ETF (BITO) — which did
$363 million.

The new options contracts give investors the right to trade shares of the ETFs
at predetermined prices, allowing them to bet on its price movement. Notional
exposure measures the market exposure from the option position, accounting for
the price changes relative to Bitcoin and the total value of the cryptocurrency
controlled by option contracts.

The put/call ratio for IBIT’s first day of trading was 0.225, meaning investors
buying calls that bet Bitcoin would rise far outweighed those wagering on puts,
those contracts betting it wouldn’t.

IBIT options puts and calls. Source: James Seyffart



Balchunas added that it “seems very bullish,” especially contracts set to expire
in a month’s time “which is basically betting price of BTC will double in the
next month.” 

Former CNBC Africa host Ran Neuner agreed that today’s market pump was caused by
the launch of the IBIT options. 

“As traders buy these options, market makers buy the spot ETF to hedge the
trade,” he said. “The result is huge net buying of the ETF that causes huge net
buying in spot BTC.”

Related: Bitcoin to $100K: What will milestone mean for derivatives markets?

On Nov. 19, industry executive Joe Consorti said the contracts were a huge deal
as listing options on spot BTC ETFs “opens the doors to the largest and deepest
liquidity pools on the planet.”

“The market is bullish that Bitcoin’s price ends the year well over $100k,” he
commented on Nov. 20 after the options launched. 

Meanwhile, crypto asset manager Grayscale is also preparing to launch options
for its spot Bitcoin ETFs on Wednesday, Nov. 20 in the United States.

Source: Grayscale

Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame

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