BlackRock Launches iShares Bitcoin Trust ETF (IBIT) for Options Trading in Nasdaq as Bitcoin (BTC) Hits 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

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

Following the Securities and Exchange Commission (SEC) approval for Bitcoin ETF trading options in September, IBIT marks the first crypto product to reach the final clearing steps over the past four days and was approved on Nov. 18. The product is now live on the U.S. stock market.

According to Bloomberg Intelligence ETF analyst James Seyffart, in his X’s post on Nov. 19, there were 289,000 call options and 65,000 put options on the first day of trading. This signifies that the majority of traders are betting on a price increase, expecting the Bitcoin price to go up.

The notional exposure through the total 354,000 options amounts to $1.9 billion, indicating a relatively high level of market interest in this crypto product. Seyffart also noted that the market activity drove the BTC price to hit a new all-time high of $94,041 on the day.

He adds that the ratio of the trading options stood at 4.4:1, highlighting a strong signal from the traders regarding their optimism about future trading.

In his X’s post, another Bloomberg ETF analyst, Eric Balchunas, compares IBIT with another product launched two decades ago, the SPDR gold trust (GLD), which now trades at $5 billion.

Another yet to come following IBIT

After the IBIT trading options launch, the market is still awaiting the approval of another Bitcoin ETF trading option. The Bitwise Bitcoin ETF (BITB) was also among the most anticipated Bitcoin ETF trading options to launch this week.

This trading option marks a significant milestone for the crypto industry, as it would introduce a new layer of sophisticated trading. Traders could also ride these waves by observing the institutional holdings and speculating on the price movement without having to directly invest a large sum.

Bitcoin price hit a new all-time high of $94,041 following the launch of the trading option in the U.S. The trading volume surges to $85 billion, and market capitalization reaches $1.8 trillion.