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NASDAQ will begin listing options on BlackRock’s BTC spot ETF (ticker: IBIT) today. This marks a significant milestone for the Bitcoin derivatives market, as derivatives for traditional assets often grow to be 10-20 times the size of the underlying market cap.

This development is poised to attract a new wave of institutional investors who face restrictions on accessing native crypto options markets like Deribit. These investors are likely to focus on generating yield on their long-term spot ETF holdings, potentially leading to further compression of implied volatility.

This mirrors the trend of institutions using MicroStrategy as a proxy for Bitcoin exposure. Q3 13F filings revealed that institutional holders of MicroStrategy surged from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares—a staggering 1,000% jump.

Amidst all this positivity, Goldman Sachs is also planning to spin off its digital asset platform, further highlighting the growing integration of crypto into traditional finance.

The December 100k strike continues to hold the highest concentration of open interest. With spot finding its footing above 90k — evidenced by implied vol flies dropping 1 point from last week — we believe this could provide the foundation BTC needs for a move higher.

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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.