IBIT options, approved in November, saw significant market interest, with 354,000 options valued at $1.9 billion, helping push Bitcoin to a new all-time high of $94K.
IBIT is the first crypto product to reach the final clearing steps in the past four days, having been authorized on November 18 by the Securities and Exchange Commission (SEC) since the approval of Bitcoin ETF trading options in September. IBIT becomes operational on the U.S. stock market at this time.
In his X’s post on Nov. 19, Bloomberg Intelligence ETF analyst James Seyffart stated that there are 289,000 call options and 65,000 put options in a single trading day. In other words, the wager is on the price increasing and anticipates that the Bitcoin price will increase.
The level of market interest in this crypto product is comparatively high, as evidenced by the notional exposure of $1.9 billion through the total options of 354,000. Additionally, Seyffart observed that this market movement resulted in the Bitcoin price reaching a new all-time peak of $94,041 today..
He also mentioned that the trading options have a ratio of 4.4:1, which is a strong indicator of the traders’ optimism regarding future trading.
Another Bloomberg ETF analyst, Eric Balchunas, compares IBIT to SPDR gold trust (GLD), a product that was published two decades ago and currently trades for $5 billion, in his X’s post.
The market continues to anticipate the sanction of an additional Bitcoin ETF trading option following the commencement of the IBIT trading options. Also, the most anticipated Bitcoin ETF trading option to debut this week was Bitwise Bitcoin ETF (BITB).
This trading option is a critical milestone for the crypto industry, as it would introduce a new level of sophistication to the trading process.
The traders could also capitalize on these surges by monitoring the institutional holdings and speculating on the price movement without investing in a significant quantity.
Following the debut of the trading option in the United States, the price of bitcoin reached a new all-time high of $94,041. The market capitalizations increase to $1.8 trillion, and the trading volume increases to $85 billion.
