On their first trading day, IBIT options amassed nearly $2 billion in notional exposure, an unusual volume for new options. More call options were traded compared to puts , likely contributing to BTC’s new record highs.
“1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts,” Bloomberg Intelligence analyst James Seyffart said in an X post. “That's a ratio of 4.4:1.” A call option gives the holder the right to purchase an asset at a specific price, known as the strike price, within a set time frame. A put option gives the holder the right to sell at the strike price within the specified period.
Traders can also sell options and earn premiums, a passive income, which is particularly appealing in a stable or slowly declining market where the options might expire worthless. Such strategies are already popular among traders over leading options exchange Deribit.