The Block reported that "BlackRock’s bitcoin spot ETF options, which recently received SEC approval, could impact the underlying asset’s price." In this regard, CryptoQuant analysts explained that "the option offering could increase paper supply for BTC derivatives as institutions gain exposure to BTC without having to buy the spot asset. In the past, during the 2022 bear market, open interest jumped from roughly 279,000 BTC to 549,000 BTC, suggesting that investors sought short exposure to bitcoin without needing to enter the spot market.” Furthermore, Gordon Grant, a derivatives trader, emphasized that "the bitcoin product landscape is expanding to include spot, futures, linear derivatives, and non-linear derivatives. In this landscape, the approval of BlackRock’s BTC spot ETF options brings another potential source of volatility to the mix. How the bitcoin options market absorbs this interest, demand, and activity will be crucial."