Bitcoin (BTC) as the market leader, its every move affects the hearts of countless investors. After months of shelving and waiting, the listing application for spot bitcoin exchange-traded funds (ETF) options has finally received the attention of regulators. BTC ETF options are expected to be traded on exchanges in America by 2025. This news has injected new vitality into the crypto market. Options, as a contract granting the right to buy or sell an underlying asset at a specific price, have been an important tool in financial markets. Not only do they provide an effective means for investors to hedge their risks, but they are also favored by speculators due to their high leverage and flexibility. In the cryptocurrency market, options also hold great potential. While the launch of the spot BTC ETF in January has excited the market, the addition of options will bring more capabilities and opportunities to the market. Options are even more crucial for institutional investors. Due to the high volatility of the cryptocurrency market, institutional investors often need more risk management tools when entering this market. The introduction of options will provide these institutions with an effective hedge and reduce their investment risk, thereby further driving the adoption of cryptocurrencies. In addition, looking at the existing cryptocurrency options market, spot BTC ETF options are expected to become a huge market. This is not only because of the market cap and influence of Bitcoin itself, but also because the market demand and potential of options as a financial derivative is huge.