IBIT First Day Options Trading Volume 354K, Seeing 82% Call As Bitcoin Hits All-Time High of $94,000

Tiger Newspress07:38

Investors looking for another way to get involved in Bitcoin will be able to trade options on Blackrock’s (BLK) iShares Bitcoin Trust, a $42 billion ETF that launched in January, beginning Tuesday, according to reporting from Barron’s and others.

According Bloomberg ETF Analyst James Seyffart, “Final tally of IBIT's 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all time highs today.”

The price of Bitcoin hit a record high on Tuesday afternoon, continuing its dramatic ascent in the two weeks since Donald Trump’s victory in the presidential election.

The cryptocurrency moved as high as $94,000 in afternoon trading, according to the crypto tracker CoinMarketCap. Bitcoin hit a previous record of over $93,000 last week and has teetered around the $90,000 level in recent days.

The historically volatile asset has exploded since Trump’s election, jumping nearly 35% from about $70,000 at 9 p.m. ET on the night of the election. Investors are optimistic that the president-elect's support of cryptocurrencies, as well as backing from a crypto-friendly Congress, will lead to policies that benefit the asset class.

The fresh record comes after a Financial Times report Monday that Trump Media & Technology Group (DJT), in which Trump holds a 53% stake, is in talks to buy cryptocurrency trading platform Bakkt (BKKT).

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