BlockBeats news, on November 19, QCP Capital released a research report stating that Nasdaq will begin listing options for BlackRock's Bitcoin spot ETF (stock code: IBIT) today. This marks a significant milestone for the Bitcoin derivatives market, as derivatives of traditional assets often grow to 10-20 times the market capitalization of the underlying market.
This development is expected to attract a new wave of institutional investors who are facing restrictions in entering the local cryptocurrency options market (such as Deribit). These investors may focus on generating returns from their long spot ETF positions, which could lead to further compression of implied volatility.
This reflects the trend of institutions using MicroStrategy as a proxy for Bitcoin exposure. The third quarter 13F filings show that institutional holders of MicroStrategy surged from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares, a rise of up to 1000%. Among all these positive factors, Goldman Sachs also plans to divest its digital asset platform, further highlighting the increasing integration of cryptocurrency with traditional finance. We believe this can provide the necessary foundation for BTC to rise.
