Bitcoin has set a new all-time high! With Wall Street welcoming a new product— 'trading of Bitcoin spot ETF options,' the initial trading day saw explosive volume, and investors scrambled to buy call options, showing strong market confidence in Bitcoin's future, which drove Bitcoin to briefly surpass the $94,000 mark, setting a new record price.
According to CoinGecko market data, Bitcoin reached a high of $94,040.99 early this morning (20th), and as of writing, the price has moderated to $92,203.25, reflecting a 1.7% increase in the past 24 hours.
Bitcoin spot ETF options made a stunning debut.
Bitcoin spot ETF options provide the market with more flexible trading tools, allowing investors to buy or sell the underlying asset at a predetermined price within a set timeframe.
Currently, the only Bitcoin spot ETF in the U.S. market offering options trading is BlackRock's 'iShares Bitcoin Trust (IBIT),' which has already attracted astonishing market demand, delivering impressive results on its first trading day.
According to data shared by Bloomberg ETF analyst James Seyffart, the trading volume of IBIT options on its first day approached $1.9 billion, completing 354,000 contract trades, with 'call options' accounting for 289,000; while 'put options' only had 65,000, resulting in a ratio of 4.4:1.
James Seyffart pointed out: 'It is almost certain that these options trades are the main driving force behind Bitcoin's historic new high.'
Expert opinion: Market confidence has greatly increased, and institutional investment continues to flood in.
Noelle Acheson, former head of market insights at Genesis, stated that trading Bitcoin spot ETF options will help enhance market maturity, further boost investor confidence in Bitcoin, and attract more funds into the market.
She believes that the efficient leverage and diverse strategies of options allow investors more operational flexibility, enhancing the efficiency of asset allocation, which is particularly attractive to large institutions.
Singapore investment firm QCP Capital also noted that the scale of derivative products often grows to 10 to 20 times the market capitalization of the underlying asset, expecting that Bitcoin ETF options trading will attract a wave of new institutional investors who face restrictions when accessing native cryptocurrency options markets like Deribit.
The introduction of Bitcoin spot ETF options not only signifies a more mature structure in the cryptocurrency market but is also expected to attract more institutional funds. As for whether Bitcoin can maintain its upward momentum and reach new highs, the market is watching closely.
