Nasdaq Inc. plans to allow trading of options on BlackRock Inc.’s Bitcoin ETF today. The approval of options on spot Bitcoin exchange-traded funds will allow traders to use derivatives to bet on or against the world’s largest cryptocurrency by market cap.

Bitcoin ETF options are financial derivatives that give traders the right to buy or sell shares of a cryptocurrency exchange-traded fund at a predetermined price and date. They allow investors to speculate on Bitcoin price movements, hedge risk, or use more sophisticated investment strategies without having to actually own the cryptocurrency.

The move has sparked optimism in the broader market, especially after the success and rapid growth of interest in U.S. spot Bitcoin ETFs. According to Farside Investors, BTC ETFs saw $254.8 million in inflows on Nov. 18 after two days of outflows last week.