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Bitcoin Rallies To All-Time Record High Over $66k As ETF Options Begin Trading

Courtesy of ZeroHedge View original post here.

Update (0945ET): On April 14th, 2021, Bitcoin reached a record high at $64,869 before various FUD headlines hit from the SEC and China, sending the biggest cryptocurrency reeling lower – below $30k at one point.

Now, having bottomed at $29,307 on July 20th, bitcoin has just surged above April's prior highs to a new all-time high…

Spiking above $66k…

As BITO spiked also…

Ethereum is catching a bid, trading up to almost $4k…

As PTJ said this morning, "crypto is the preferred inflation hedge to gold"…

*  *  *

Following the record volume for an ETF's opening day yesterday for the first Bitcoin (futures) ETF, today could be even more 'exciting' as options on the ProShares Bitcoin Strategy ETF (BITO) start trading on the NYSE Arca Options and NYSE American Options exchanges. BITO is trading at yesterday's highs in the pre-market…

Bitcoin options have traded on crypto exchanges for a while but this will be the first ETF-based options to trade on the cryptocurrency and deepens the crypto adoption for pros and retail alike. Notably, as bybt.com data shows, open interest across all the crypto exchanges has soared to a record high ahead of today's exchange-traded launch…

Source: bybt.com

There is a clear bias to upside calls vs downside puts in the crypto-exchange data…

Source: bybt.com

“Options are huge in this case,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

“Retail-YOLO types will be able to trade calls on Bitcoin for the first time in regulated financial markets. Institutions can use puts to hedge or go short Bitcoin.” 

The introduction of ETF options should serve to make the crypto derivatives market more liquid as a whole, according to David Abner at Gemini Trust Co., a digital asset firm. 

“Yes, you can go to crypto platforms and trade options, no question — but you have to go to crypto platforms to do that,” Abner said.

Options on the fund “adds to the ecosystem around the ETF which enables better trading for it, so I think it’s a good thing for both options traders and investors and the ETF itself,” he said.

We suspect the term for today's trading will be "brace" as the options tail wags the underlying's dog to some extent.


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