- November 20, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post BlackRock’s $1.9 Billion ETF Debut On Very First Day Spark Massive Bullish Run! BTC Eyes $100K appeared first on Coinpedia Fintech News
After dipping to $87,000, Bitcoin has bounced back, nearing its ATH of $94,477. This recent surge is largely driven by BlackRock’s iShares Bitcoin Trust (IBIT), which made headlines as the first spot Bitcoin ETF to gain approval for options trading. On its very first day, IBIT saw a massive $1.9 billion in trades. Therefore many experts now believe Bitcoin could cross the $100K mark within the next seven days!
BlackRock’s ETF Options See $1.9 Billion
BlackRock’s iShares Bitcoin Trust (IBIT) made history with its debut as the first spot Bitcoin ETF approved for options trading, reaching an astonishing $1.9 billion in notional exposure on its first day.
According to Bloomberg Intelligence ETF analyst James Seyffart, this milestone was achieved through 354,000 contracts, of which 289,000 were calls and 65,000 were puts. This resulted in a put/call ratio of 0.225, signaling strong market optimism for Bitcoin’s price movement.
Meanwhile, Bloomberg’s senior ETF analyst, Eric Balchuna, called the $1.9 billion trading on IBIT’s first day “unheard of,” called the $1.9 billion traded on IBIT’s first day “unheard of,” especially when compared to BITO, which only saw $363 million in its first day despite being around for four years.
Balchunas further explained that such massive volume shows strong bullish sentiment, with many betting Bitcoin’s price could double within a month.
Bitcoin’s Volatility Might Decrease
The growing adoption of Bitcoin by institutions is boosting confidence in BTC. Market expert Dennis Dick believes that the rise in Bitcoin ETF options trading could help bring more stability to the market.
He further explained, “As open interest rises, it creates natural buyers and sellers on both sides of the market. This thickens up the market, boosts liquidity, and reduces volatility.”
Bitcoin’s Road to $100K!
Recently, Coinpedia News reported that prominent investor Kevin O’Leary predicted Bitcoin could surpass $100K before the holiday season, facing minimal resistance.
Other ETF providers, including Bitwise and Grayscale, are also set to launch their Bitcoin ETF options, further intensifying the buzz. Currently trading at $92,542, Bitcoin remains at the center of attention.
