Bitcoin (BTC) 
$91,409 Although it dropped to $87 thousand in recent days, it has made a strong recovery. The largest cryptocurrency has now recorded an all-time high of $94,477. According to experts, the biggest factor behind this rise is the option trading approval of BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT). Experts are of the opinion that IBIT, which reached a transaction volume of $1.9 billion on its first day, may continue to increase the price of Bitcoin. Analysts think BTC could exceed $100,000 in seven days.
BlackRock’s ETF Attracted Great Interest
The world’s largest asset management company BlackRock‘s iShares Bitcoin Trust becomes the first spot Bitcoin ETF to receive approval for options trading. It reached a total transaction volume of $1.9 billion on its first trading day. Bloomberg Intelligence analyst James Seyffartstated that this figure corresponds to 354 thousand contracts. 289 thousand of these contracts contained call options and 65 thousand contained put options. This situation reveals the market’s positive expectation for Bitcoin, with a put/call ratio as low as 0.225.
Bloomberg senior ETF analyst Eric Balchunas He described the recorded transaction volume as “unprecedented”. By comparison, the BITO ETF only reached $363 million in trading volume on its first trading day. Balchunas said this massive volume reflects market optimism and expectations that Bitcoin’s price could double next month.
Volatility in the Bitcoin Market May Decrease
The adoption of Bitcoin by institutional investors increases confidence in the market. market expert dennis dickAccording to , an increase in trading volume of Bitcoin ETF options could make the market more stable. Dick said, “As open interest increases, natural buyers and sellers form in the market. “This increases liquidity and reduces volatility,” he said.
On the other hand, other major ETF providers Bitwise And Grayscale is also preparing to launch its own Bitcoin ETF options. This situation may further increase the volatility of the market. Bitcoin, currently traded at $92,700, continues to attract attention.
Bitcoin’s Journey to 100 Thousand Dollars
leading investor Kevin O’Learysuggested that Bitcoin could surpass $100,000 before the end of the year. O’Leary believes the largest cryptocurrency will face little resistance in reaching this level.
Experts state that the market will reach wider audiences largely due to the influence of ETFs. Bitcoin is expected to continue this momentum and open the doors to a new era.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
