PANews reported on November 19 that Singapore-based crypto investment firm QCP Capital stated that Nasdaq (NASDAQ) will begin trading BlackRock's Bitcoin spot ETF options (trading code: IBIT) today. This marks an important milestone in the Bitcoin derivatives market, as the scale of derivatives for traditional assets often grows to 10 to 20 times their underlying market value. This trend is expected to attract a wave of new institutional investors who face restrictions when accessing native crypto options markets like Deribit. These investors may focus on generating returns from their long-held spot ETFs, which could lead to further compression of implied volatility.
This coincides with the trend of institutions using MicroStrategy as a proxy for Bitcoin exposure. The 13F filings for the third quarter show that the number of institutional investors holding MicroStrategy shares surged from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares, a rise of 1000%. In this positive atmosphere, Goldman Sachs also plans to spin off its digital asset platform, further highlighting the growing integration of cryptocurrencies and traditional finance.
