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Is crypto finally becoming a key part of macro? The options market for BlackRock’s BTC spot ETF (IBIT) made a strong debut, trading an astounding 73k contracts within the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1. This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class.

This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets. Other BTC spot ETFs such as the Grayscale BTC Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are expected to have options listed soon.

On the other hand, Trump’s Cabinet picks are turning heads, especially with crypto-friendly names like Elon Musk, chosen to lead the newly created Department of Government Efficiency (DOGE), and Pete Hegseth, nominated for Secretary of Defense. Hegseth, a vocal advocate for Bitcoin’s decentralized value, has even pledged to hold, not sell, his Bitcoin holdings.

With Republicans securing control of the Senate, most nominees are expected to sail through confirmation. Trump aims to finalize his Cabinet picks by Thanksgiving, just a week away. These selections highlight an alignment between the new administration and the growing influence of digital assets in policy and finance.

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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.