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IBIT trading options launch, Bitcoin tap new all-time high $94k

By admin On Nov 20, 2024

BlackRock, the largest asset management in the world, officially launched iShares Bitcoin Trust ETF (IBIT) for options trading in Nasdaq, while Bitcoin (BTC) hit an all-time high of $94,041.

Since the Securities and Exchange Commission (SEC) approved Bitcoin ETF trading options in September, IBIT is the first crypto product to reach the final clearing steps in the past four days and was approved on Nov. 18. Now, IBIT goes live on the U.S. stock market.

According to Bloomberg Intelligence ETF analyst James Seyffart, in his X’s post on Nov. 19, there are 289,000 call options and 65,000 put options in a day of trading. Meaning that the bet on price increases and expects the Bitcoin price to rise.

The notional exposure through the total options of 354,000 is $1.9 billion, which indicates that this crypto product’s level of market interest is relatively high. Seyffart also noted that this market move boosted the Bitcoin price to hit a new all-time high of $94,041 today.

He also mentioned that the ratio of the trading options is 4.4:1, demonstrating a strong signal from the traders about their optimism about future trading.

Another Bloomberg ETF analyst, Eric Balchunas, in his X’s post, compares IBIT with another product released product from two decades ago, SPDR gold trust (GLD), which trades for $5 billion today.

Another yet to come following IBIT

After the IBIT trading options start, the market still awaits the approval of another Bitcoin ETF trading option. Bitwise Bitcoin ETF (BITB) was also the most expected Bitcoin ETF trading option to launch this week.

This trading option is one of the most important milestones for the crypto industry since it would bring a new level of sophisticated trading. The traders could also ride these waves by watching the institutional holding and speculating on the price movement without investing in a large number.

1 Day BTC price chart, September 4 – November 20, 2024 | Source: crypto.news

Bitcoin price hit a new all-time high of $94,041 after the trading option launched in the U.S. The trading volume rises to $85 billion, and market capitalizations rise to $1.8 trillion.

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