According to the Bloomberg article, after the Bitcoin Strategy ETF (BITO) launched by ProShares ETF provider on the NYSE on Tuesday became the second-most-traded ETF on the Fidelity platform, options on this ETF will begin trading today, Oct. 20.
Here's a new way to leverage Bitcoin https://t.co/fE9XWGnLvx via @crypto
— Bloomberg Crypto (@crypto) October 20, 2021
Now, crypto bulls and bears will be able to bet on Bitcoin ETF-based derivatives on NYSE Arca Options platform and NYSE American Options platform.
Bloomberg's chief ETF analyst, Eric Balchunas, believes that in this case options are of huge importance. He has compared Bitcoin ETF options in the U.S. to YOLO ETF (a cannabis ETF by AdvisorShares).
On the first trading day, the Bitcoin ETF closed at around $570 million, pushing the Bitcoin price above the $634,000 level by now, making it move close to its April all-time high of $64,800.
Many are expecting the leading crypto to set a new ATH soon.
Alex Dovbnya
Denys Serhiichuk
Arman Shirinyan