Bitcoin continues to impress the market with its achievements. On November 20, Bitcoin's price surpassed $94,000 amid the first spot Bitcoin ETFs approved for options trading.
Market Rise of Bitcoin
On November 20, BlackRock's iShares Bitcoin Trust (IBIT) was recorded as the first spot Bitcoin ETF approved for options trading, leading to new records for Bitcoin. Bloomberg Intelligence analyst James Seyffart revealed that on November 19, options trading for the IBIT ETF was introduced on Nasdaq.
Options and Their Impact on the Market
Seyffart noted that on the first day, the IBIT options performed well, reaching $1.9 billion in notional exposure with 354,000 contracts traded. Call options were predominant at 289,000, indicating expectations of a Bitcoin price increase, contributing to achieving new highs.
Analysts' Opinions
Another Bloomberg analyst, Eric Balchunas, stated that attaining $1.9 billion in IBIT notional exposure is just a start for the first day. He draws parallels with SPDR Gold Shares ETF, which today reaches about $5 billion.
Bitcoin ETFs offer traders new opportunities to manage risks and profit from price fluctuations. This is expected to have a positive impact on the overall crypto market.
