Yigit Taha OZTURK 
On the debut of BlackRock’s Bitcoin ETF options, the iShares Bitcoin Trust ETF (IBIT), almost $2 billion in total exposure was traded, breaking records. Bloomberg’s senior ETF analyst, Eric Balchunas, called the $1.9 billion figure “unheard of for day one” compared to previous Bitcoin ETFs like the ProShares Bitcoin Strategy ETF (BITO), which saw $363 million on its first day.
This massive volume likely played a role in pushing Bitcoin to a new all-time high of over $94,000 on Nov. 19, 2024. A staggering 354,000 contracts were traded, with the majority focused on calls, betting on Bitcoin’s price increase. Balchunas pointed out that the contracts expiring in a month imply that traders are betting on Bitcoin doubling in value.
Options trading in the IBIT ETF allows investors to speculate on Bitcoin’s price movements, and with the bullish sentiment, it signals strong market interest. Market makers, in response to these options trades, were buying the spot ETF to hedge their positions, which led to large-scale purchases of Bitcoin.
As Grayscale also prepares to launch options for its own spot Bitcoin ETF on Nov. 20, the market is looking ahead to a potential surge in liquidity and a bullish outlook, with predictions that Bitcoin’s price could exceed $100,000 by year-end.
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