- The $100 IBIT call option saw a significant volume on Day One, signaling expectations that prices could double to $100 in the coming months.
- The bullish sentiment is consistent with the noticeable activity in the $200,000 bitcoin call trading on Deribit.
Options tied to BlackRock’s spot bitcoin {{BTC}} exchange-traded fund (ETF) debuted with a bang on Tuesday, registering a staggering first-day trading volume of $1.9 billion.
Most activity was concentrated in call options, representing a bullish bias, with some traders betting on doubling the ETF price to at least $100. The Nasdaq-listed ETF closed Tuesday at $52.70.
The $100 strike call option saw a trading volume of over 32,000 contracts, according to data tracked by analytics firm ConvexValue. Most of the value happened in the Dec. 12 expiry, which was also the most popular settlement overall, accounting for 40% of the total trading volume of 354,000 contracts.
“It’s pretty interesting to see ‘professionals’ degen into $100 strikes (this effectively means a doubling of BTC prices given IBIT trades near $50),” Samneet Chepal, crypto quant researcher, Samneet Chepal, said on X.