30s Summary

Bitcoin has reached a record price of over $93,750 and spot bitcoin ETFs have now been introduced on Nasdaq due to high demand. Spot bitcoin ETFs allow investors to buy or sell a specific asset at a specific price at a certain time. Of the eleven U.S. spot Bitcoin ETFs, only BlackRock’s IBIT currently offers options, which saw strong demand on the first day of trading, primarily through call contracts which bet on Bitcoin’s continued price rise.

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Bitcoin has hit a new all-time high today, surpassing $93,750. Great news for the Bitcoin world as options for spot bitcoin ETFs are now live on the Nasdaq. This new product was introduced due to strong demand from traders.

So, what’s a spot bitcoin ETF? Basically, it’s an exciting new product that lets investors buy or sell a specific asset at a specific price at a particular time. Former market insights head at Genesis, Noelle Acheson, says this deeper onshore derivatives market will “reinforce investor confidence in the asset, bringing in new cohorts while enabling a greater variety of investment and trading strategies.”

One cool fact to mention is that of the eleven U.S.-based spot bitcoin ETFs, only BlackRock’s IBIT has options available so far. The demand for this has been super strong, with a few hundred million in options volume on the first day according to Bloomberg ETF analyst Eric Balchunas. The majority of the contracts were calls, meaning bets that bitcoin’s price will continue to rise. Fun times in the world of Bitcoin indeed.