According to BlockBeats, on September 21, Jeff Park, head of strategy at Bitwise Alpha, published a long article on social media stating that "SEC approval of BlackRock's Bitcoin spot ETF options trading" will lead to an explosive rise in Bitcoin. The brief content includes:

Jeff Park believes that the market is about to witness the most incredible rise in "volatility" in financial history, which should be more fully explained. The contributing factors include several characteristics of Bitcoin, the nature of the regulated options market, and the powerful combination of the two. He believes that "SEC approval of BlackRock Bitcoin spot ETF options trading" marks the biggest progress that the cryptocurrency market may have made.

For the first time, Bitcoin’s notional value will be “partially banked” through ETF options. While Bitcoin’s limited non-custodial supply is its greatest strength, it is also a drag, limiting the ability to create synthetic leverage. Now, for the first time, Bitcoin will have a regulated market, with the CFTC protecting clearing members from peer risk. This means synthetic notional exposure to Bitcoin can grow exponentially.

Additionally, Bitcoin has a unique volatility profile, where when the spot price rises, so does volatility, meaning delta increases faster. This can be explosively recursive for Bitcoin when traders who short gamma hedge (gamma squeeze). Short traders are forced to keep buying at higher prices, and more buying leads to more upside. A negative vanna gamma squeeze can send the price of Bitcoin skyrocketing.

In summary, the Bitcoin ETF options market is the first time the financial world has seen regulated leverage on a truly supply-constrained perpetual commodity. Things may get crazy, so crazy that regulated markets may be forced to shut down. But what is extraordinary about Bitcoin is that there will always be a parallel, decentralized market that cannot be shut down, unlike stocks.