Data: BlackRock's Bitcoin spot ETF options debuted this Tuesday, with a bullish/bearish ratio of 4.44 indicating that investors are generally optimistic

According to SoSoValue data, BlackRock's Bitcoin Spot ETF (IBIT) had a total of 354,000 options contracts traded on Tuesday, with a nominal turnover of $1.86 billion. As it was the first day of listing, it showed extremely high market enthusiasm. The options also drove a 32% increase in IBIT's trading volume compared to the previous period. Of all the contracts traded, 288,700 were call options and 65,000 were put options; this gives a bullish/bearish ratio of 4.44 indicating that market sentiment is generally optimistic.

The data shows that market trades are concentrated on long positions expiring on January 17th, 2024 with price ranges between $55-60 USD. This corresponds to an increase of between 4.4%-13.9% from Tuesday’s closing price for IBIT; SoSoValue analysts stated "This roughly corresponds to Bitcoin prices ranging from $97k-$105k USD which indicates that before Trump officially takes office there is an expectation in the market for Bitcoin reaching $100k." It is worth noting that implied volatility for these January expiry options stands at around 68%-69%, while corresponding historical volatility over the past sixty days for IBIT has been within the range of about 55%. Implied volatility being higher than historical volatility suggests investors prefer holding onto their options rather than selling them.

In addition, Grayscale's spot bitcoin ETF GBTC as well as BTC option trading will also begin initial trading this Wednesday.