Nasdaq has applied to allow trading in options on Ethereum (ETH) spot ETFs. This only applies to Blackrock's iShares Ethereum Trust (ETHA), which has already raised $500 million.

- The SEC has not yet approved options on Bitcoin (BTC) spot ETFs.

- Options help hedge funds and financial advisers protect themselves from sharp market moves.

- In the $9 trillion ETF market, financial advisers control up to half of the investment flows.

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