TechFlow news, on November 20, according to SoSoValue data, all options contracts for BlackRock's spot Bitcoin ETF (IBIT) traded 354,000 contracts on Tuesday this week, with a notional trading volume of $1.86 billion, showing extremely high market enthusiasm on its first listing day. Options also drove IBIT’s trading volume to grow 32% compared to the previous period. Among all traded contracts, 288,700 were call options and 65,000 were put options, resulting in a call/put ratio of 4.44, indicating generally bullish market sentiment.
Data shows that trading was concentrated in bullish options expiring on January 17, 2024, with strike prices ranging from $55 to $60. This corresponds to a 4.4%-13.9% increase over IBIT’s closing price on Tuesday. SoSoValue analysts noted, “This roughly corresponds to a Bitcoin price of $97,000–$105,000, suggesting market expectations that Bitcoin could reach $100,000 before Trump officially takes office.” Notably, the implied volatility for January-expiry options stood at 68%-69%, while IBIT’s 60-day historical volatility was around 55%. The higher implied volatility versus historical volatility indicates investors prefer holding options rather than selling them.
In addition, options trading for Grayscale’s spot Bitcoin ETF GBTC and BTC will begin their inaugural trading session on Wednesday this week.
