The first day of trading in options on BlackRock’s Bitcoin ETFs ended up being quite impressive, blowing past the $425 million in sales. The Options Clearing Corporation has just cleared this Bitcoin ETF for trading, and investors jumped in with both feet.
Traders are showing strong confidence in Bitcoin’s growth, with bullish predictions dominating. Over $6 million in trades are betting that Bitcoin’s value will double within a month.
Bitcoin ETF Options Surge
BlackRock’s IBIT ETF has emerged as a standout in this rapidly growing market. Bloomberg ETF analyst Eric Balchunas highlighted the dominance of IBIT, which saw impressive trade volumes and a put-call ratio of 0.17. This low ratio signals overwhelmingly positive sentiment, with most traders expecting Bitcoin to rise further.
By mid-afternoon, IBIT’s total trade volume had crossed $3 billion, a significant leap compared to prior weeks. Just last week, $1 billion in volume was considered strong for Bitcoin-related ETFs.
Grayscale, another major player in the Bitcoin ETF market, has also shown interest in capitalizing on the momentum. However, BlackRock’s early success sets a high bar for competition.
Spot Bitcoin ETFs Also Gain Momentum
Spot Bitcoin ETFs are also benefiting from the market’s optimism. According to Farside Investors, these funds saw inflows of $816.4 million on Tuesday as Bitcoin reached a new all-time high.
The surge in ETF options and spot ETFs is also driving direct Bitcoin purchases. ETF issuers in the U.S. collectively added over 2,800 BTC this week, with BlackRock alone acquiring more than 1,000 BTC. Analysts now estimate that ETF issuers control more than 5% of Bitcoin’s total supply.
This impressive start underscores the growing demand for Bitcoin ETFs and highlights BlackRock’s leading role in shaping this expanding market.
