Bitcoin Makes New All-Time High of $93,750 as ETF Options Go Live

“Spot bitcoin exchange-traded funds options are making solid volume on their first day.”, — write: www.coindesk.com

Bitcoin rose above $93,750 today, hitting a new all-time high.
Spot bitcoin ETF options are now live on Nasdaq.
The product was rolled out in strong demand from traders.

01:01

Bitcoin Breaks $64K While Gold Soars

00:56

ETH/BTC Ratio Slid to Lowest Since April 2021

00:57

Is Bitcoin Losing Its Bullish Momentum?

Bitcoin (BTC) made new highs on Tuesday as Wall Street rolled out its latest product, almost guaranteed to increase the exposure of the digital currency among financial institutions: options trading on spot bitcoin exchange-traded funds (ETFs).

At press time, the top crypto was trading above $93,750, up more than 3% in the last 24 hours. This breaks its previous record of $93,450, set on Nov. 13.

CoinDesk Bitcoin Price Index on Nov. 19 (CoinDesk)

Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins, and exchange tokens — is down about 0.5%. The index’s biggest winner was (HBAR), up 4.5%, while the biggest loser was (NEAR), down 5%.

Options contracts allow investors to buy or sell an asset at a specific price and at a pre-determined time. While the CME already offered bitcoin options, the spot bitcoin ETF options are a big deal for retail participants and financial institutions alike, according to Noelle Acheson, former head of market insights at Genesis.

“A deeper onshore derivatives market will enhance the growing market sophistication,” Acheson posted on X. “This will reinforce investor confidence in the asset, bringing in new cohorts while enabling a greater variety of investment and trading strategies.”

“Institutions will be attracted to the greater flexibility and access to high-volume exposure,” Acheson added. “Options offer deeper granularity in expressing an investment opinion, and can boost exposure relative to outlay, making them especially attractive to large players.”

Only one of the eleven U.S.-based spot bitcoin ETFs — BlackRock’s IBIT — currently has options available so far, and the demand has been strong.

“A few hundred million so far in options volume on IBIT (a ton for day one),” Bloomberg ETF analyst Eric Balchunas posted on X. Balchunas further noted that the vast majority of the contracts were calls, meaning bets that bitcoin’s price will keep rising.

Edited by Aoyon Ashraf.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

have been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

editorial policies.

CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Name	Price	24H (%)
Bitcoin(BTC)	$92,058.00	1.46%
Ethereum(ETH)	$3,113.03	-0.97%
Tether(USDT)	$1.00	0.32%
Solana(SOL)	$236.45	-1.02%
BNB(BNB)	$615.40	-0.16%
XRP(XRP)	$1.11	-1.28%
Dogecoin(DOGE)	$0.388369	3.90%
USDC(USDC)	$1.00	0.23%
Lido Staked Ether(STETH)	$3,110.64	-1.03%
Cardano(ADA)	$0.74	-0.95%

Login

Register

Related posts

Leave a Comment Cancel Reply