Bitcoin ETF Options Bring in $2B on First Day

The first spot Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), made its debut with $1.9 billion in notional exposure on Tuesday, with a strong trend of bullish sentiment as 289,000 Call options were traded compared to only 65,000 Put options.

The approval of options trading for IBIT by Nasdaq was followed by a surge in Bitcoin’s price to a new record high above $94,000 on Wednesday.

According to Bloomberg Intelligence ETF analyst James Seyffart, the total notional exposure traded through 354,000 contracts on the first day of options trading was just shy of $1.9 billion. Seyffart noted that the majority of these options were Calls, indicating a belief that Bitcoin’s price will continue to rise.

In contrast, only 65,000 Put options were traded, indicating a smaller belief in a decrease in price. The analyst pointed out that for every Put option bought, around four Calls were purchased. Based on this data, Seyffart believes that these options likely contributed to the surge in Bitcoin’s price to its new all-time high.