The debut of 'BTC ETF options' stunned the audience! Inspiring BTC to break through $94,000, reaching a new high.

Bitcoin hits a new all-time high! With the introduction of a new product on Wall Street - 'BTCSpot ETF options trading', the first day of trading saw an explosion in volume, with investors crazily snapping up options, demonstrating full confidence in the future of BTC in the market, driving BTC to briefly break through the $94,000 mark and continue to set new record highs.

According to CoinGecko market data, Bitcoin reached a peak of $94,040.99 in the early morning of today (20th), and at the time of writing, it has slightly retreated to $92,203.25, with a rise of 1.7% in the past 24 hours.

BTCSpot ETF Options debut with great success

BitcoinSpot ETF brings more flexible trading tools to the market, allowing investors to buy or sell underlying assets at a pre-set price within a specified period.

Currently, the US market only has the option of the BTCSpot ETF under BlackRock - the "iShares BTC Trust (IBIT)" which has already attracted astonishing market demand, delivering an amazing performance on the first day of trading.

According to data shared by Bloomberg ETF analyst James Seyffart, IBIT options had a trading volume of nearly 1.9 billion US dollars on the first day, with a total of 354,000 contract trading. Among them, 'call options' accounted for 289,000 contracts, while 'put options' accounted for only 65,000 contracts, with a ratio of 4.4:1.

James Seyffart pointed out, "It can be almost certain that these options trades are the main driving force behind BTC reaching new all-time highs."

UPDATE: Final tally of $IBIT's 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all time highs today pic.twitter.com/IN3s9hajJ2

— James Seyffart (@JSeyff) November 19, 2024

Expert opinion: Market confidence surges as institutional investment continues to pour in.

Noelle Acheson, former Head of Market Insights at Genesis, said that BTCSpot ETF options trading will help improve market maturity, further enhance investor confidence in BTC, and attract more capital.

She believes that the efficient leverage and diversified strategies of options can give investors more operational flexibility, improve the efficiency of asset allocation, and are particularly attractive to large institutions.

Singapore investment firm QCP Capital also pointed out that the size of derivative products often grows to 10 to 20 times the market capitalization of the underlying assets. It is expected that BTC ETF options trading will attract a new wave of institutional investors who face restrictions when accessing native cryptocurrency options markets such as Deribit.

BitcoinSpot ETF options debut not only means a more mature market structure for encryption currencies, but also hopes to attract more institutional funds to get on board. As for whether BTC can stabilize its upward trend and continue to set new highs, the market is also watching closely.

This article was first published in Blocktempo.