According to Wu, QCP's latest report indicates that Nasdaq will begin trading options for the BlackRock Bitcoin Spot ETF (IBIT) today. This development is expected to attract a new batch of institutional investors who may focus on generating returns from long-held positions in the spot ETF, potentially further compressing implied volatility. This trend is similar to the practice of institutions indirectly investing in Bitcoin through MicroStrategy. Documents show that the number of institutional holders of MicroStrategy has surged from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares, a rise of up to 1000%. Meanwhile, Goldman Sachs also plans to spin off its digital asset platform, further highlighting the growing integration of crypto assets with traditional finance. Additionally, the strike price of Bitcoin options at $100,000 in December remains the level with the highest open interest. Currently, the spot price is stable above $90,000, as evidenced by a 1 point decrease in the implied volatility structure compared to last week. This may lay the groundwork for further Bitcoin price increases.
