After dipping to $87,000, Bitcoin has bounced back, nearing its ATH of $94,477. This recent surge is largely driven by BlackRock’s iShares Bitcoin Trust (IBIT), which made headlines as the first spot Bitcoin ETF to gain approval for options trading. On its very first day, IBIT saw a jaw-dropping $1.9 billion in trades, sparking a wave of excitement across the market.
With experts predicting that Bitcoin could break the $100K barrier in the next week, it seems the rally is just getting started.
Exciting times ahead! Read on for the details.
BlackRock’s IBIT has made history by becoming the first-ever spot Bitcoin ETF approved for options trading. The trading volume on its first day was staggering—$1.9 billion in notional exposure—setting a new record for Bitcoin ETFs.
James Seyffart, an ETF analyst at Bloomberg Intelligence, shared that this milestone was achieved through 354,000 contracts, with 289,000 being calls and 65,000 puts. This resulted in a low put/call ratio of 0.225, indicating strong optimism in the market about Bitcoin’s future price movement.
Meanwhile, Bloomberg’s senior ETF analyst, Eric Balchuna, called the $1.9 billion trading on IBIT’s first day “unheard of,” called the $1.9 billion traded on IBIT’s first day “unheard of,” especially when compared to BITO, which only saw $363 million in its first day despite being around for four years.
Balchunas further explained that such massive volume shows strong bullish sentiment, with many betting Bitcoin’s price could double within a month.
Bitcoin’s growing appeal among institutional investors is fueling more confidence in its future. Market expert Dennis Dick believes the rise in Bitcoin ETF options will help bring more stability to the market.
“As open interest rises, it creates natural buyers and sellers on both sides of the market. This thickens up the market, boosts liquidity, and reduces volatility.”
Bitcoin, currently trading at $92,542, is still in the spotlight as it nears the $100K mark.
Recently, Coinpedia News reported that prominent investor Kevin O’Leary has predicted that Bitcoin could exceed $100K before the holiday season, citing minimal resistance in its path. With other major ETF providers, including Bitwise and Grayscale, planning to launch their own Bitcoin ETF options, the buzz around Bitcoin continues to grow.
With a historic debut and institutional backing, Bitcoin’s rise feels like just the beginning of something far larger.
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