Traders bet over $6 million on Bitcoin doubling in value within a month as BlackRock’s Bitcoin ETF options see rapid growth.
Traders have been exceedingly optimistic in their predictions, placing more than $6 million in wagers that Bitcoin’s value will double within a month.
Options for Bitcoin ETFs from BlackRock
This new investment opportunity has been experiencing significant growth since the OCC approved options trading for the Bitcoin ETF. For instance, Grayscale has already submitted an application for a new covered call, Bitcoin ETF.
Nevertheless, BlackRock’s IBIT has emerged as the most successful ETF, as per Bloomberg ETF analyst Eric Balchunas.
“A few hundred million so far in options volume on IBIT (a ton for Day One). Here’s a rank of the contracts by volume, it’s almost all calls. Seems very bullish, especially the December 20 C100, which is basically betting price of BTC will double in the next month,” said Balchunas.
The total value of these Bitcoin options transactions is currently exceeding $425 million, and they are still receiving inflows.
These figures are remarkable in their own right, but Balchunas also observed that the Put Call ratio is.17. These traders are betting overwhelmingly in favor of Bitcoin’s ascent, as evidenced by the ratio of bearish to bullish predictions.
In the mid-afternoon, IBIT’s total trade volume exceeded $3 billion. $1 billion was considered an excellent performance even one week prior.
Grayscale and other issuers have scarcely entered the market, while the leading Bitcoin ETF has been turbocharged by these options trades.
In the interim, the spot Bitcoin ETFs are also making progress. On Tuesday, the Bitcoin ETFs experienced an inflow of $816.4 million, as BTC reached a new all-time high, according to data from Farside Investors.
BlackRock’s ongoing investment in Bitcoin has been significantly enhanced by these substantial new inflows. Since Monday, the US issuers have collectively acquired more than 2,800 BTC, as indicated by data from ETF analyst Shaun Edmondson.
BlackRock alone acquired more than 1,000 Bitcoins. Additionally, ETF issuers currently possess more than 5% of the total Bitcoin supply.
