It seems that there is a very important news that everyone has overlooked. The SEC recently approved the listing and trading of Bitcoin ETF options. I tried to interpret it and referred to the views of some overseas financial big Vs. I think it is very worthy of attention.

1. **"Fractional custody" of nominal value**: Due to the limited supply of Bitcoin spot market, the launch of Bitcoin ETF options will make the nominal value of Bitcoin "fractional custody" through synthetic means for the first time, making it possible to break through the existing market limitations.

2. **Leverage utility and portfolio management**: Bitcoin ETF options allow investors to use leverage for long-term portfolio management, which is not available in the existing market. This new leveraged trading tool brings more investment strategies to investors, such as using long-term call options to hedge risks or perform asset allocation.

3. **Volatility structure and negative gamma effect**: Bitcoin's unique volatility structure (i.e., volatility skew) will become more obvious as the synthetic market expands. The negative gamma effect of the options market will cause the market to be forced to buy more Bitcoin options once the price rises, thereby driving the price further up. This phenomenon is called "negative gamma squeeze", which drives the market like a refueling rocket.

4. **Uniqueness of Bitcoin**: Unlike traditional stocks or commodities, Bitcoin cannot be diluted by issuing more, which means that its scarcity will be fully utilized. The introduction of the ETF options market will not change this feature, but will provide more leverage and price discovery functions for Bitcoin.

5. **Regulated and limited supply market**: This change makes Bitcoin the first asset with truly limited supply in a regulated synthetic market, which will attract more institutions and qualified investors to enter the market. Future market uncertainty and volatility may be further increased due to the impact of the ETF options market.