Bitcoin Hits New ATH After BTC ETF Options Launch
US Bitcoin ETFs were allowed to trade options on November 19, giving BTC a new boost.
As reported, Nasdaq began trading options on shares of US Bitcoin ETFs on November 19.
The impact of this news on the Bitcoin market was immediate, as in the first trading session, BlackRock's IBIT fund recorded $1.9 billion in options trading volume, according to data from Bloomberg.
$1.9b is unheard of for Day One. For context, $BITO did $363m and that's been around for four years. And also this is with 25,000 contract position limits. That said, $1.9b isn't quite big dog level yet tho, eg $GLD did $5b today, but give it a few more days/weeks. https://t.co/nAr2rracjb
— Eric Balchunas (@EricBalchunas) November 19, 2024
The call option ratio is 4.4 times higher than the put option, showing that the demand for more Bitcoin from Wall Street investors is still very high.
Bloomberg expert Eric Balchunas commented that the achievement of $ 1.9 billion is a record number in the group of financial products for cryptocurrencies, although it is still nothing compared to options for traditional treasury stocks.
Bitcoin price in the early morning of November 20 had a time when it skyrocketed to $ 93,900, the next record peak that the world's largest cryptocurrency reached in this historic November. However, the BTC price in the following hours was adjusted to the $ 91,900 area.
BTC's market cap also rose to a new high of $1.86 trillion on the morning of November 20, accounting for 56.8% of the total market cap of $3.27 trillion for the entire crypto market.
With the new market cap, Bitcoin has surpassed the British pound to become the 5th largest currency in the world.
🚨BREAKING: #Bitcoin surpasses the Great British Pound (GBT) to become the 5th largest currency in the world 🌎! pic.twitter.com/nwnw3oMprj
— Brian De Mint (@BrianDeMint) November 19, 2024
However, the current rally is still limited to BTC, with many other top altcoins showing no signs of breaking out with the "big brother" of the market.
In the past 12 hours, nearly $210 million in derivatives orders were liquidated, with longs accounting for 64.5%.
