According to BlockBeats, on September 27, the U.S. Securities and Exchange Commission (SEC) has approved BlackRock to list and trade its spot Bitcoin options. CryptoQuant analysts pointed out that this move may increase the "paper" supply of Bitcoin, because institutional investors can get Bitcoin exposure through options without buying Bitcoin directly.

Derivatives trader Gordon Grant compared this trend to the gold market, emphasizing that although "paper" transactions account for a large amount of trading volume, physical demand is still a key factor supporting the market.