Options tied to BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) debuted with impressive results on its first day, achieving a remarkable trading volume of $1.9 billion. The excitement among traders is reflected in the growing activity around the $100 IBIT call option, as many speculate the ETF price could potentially double in the near future.

Most of the trading activity was centered on call options, enhancing the bullish sentiment with the ETF closing at $52.70 on Tuesday. The volume for the $100 strike call option reached over 32,000 contracts, primarily focused on the December 12 expiry, capturing 40% of the total trading volume of 354,000 contracts.

"It’s quite interesting to observe 'professionals' betting on $100 strikes—this essentially implies a projection for Bitcoin prices to double given that IBIT trades around $50," said Samneet Chepal, a crypto quant researcher.
Translation: “Es bastante interesante observar a los 'profesionales' apostando por strikes de $100—esto implica esencialmente una proyección de que los precios de Bitcoin se dupliquen dado que IBIT opera alrededor de $50.”

The notable activity surrounding the $100 call indicates that investors are preparing for heightened volatility and a bullish trend. With institutional clients, alongside retail investors who previously could not engage in such options, now entering the market, market volatility is anticipated to escalate.