PANews reported on November 19 that Singapore crypto investment institution QCP Capital published a statement saying that NASDAQ will start listing BlackRock's Bitcoin spot ETF options (trading code: IBIT) today. This marks an important milestone in the Bitcoin derivatives market, as the scale of derivatives for traditional assets tends to grow to 10 to 20 times the size of their underlying market capitalization. This development is expected to attract a new wave of institutional investors who face restrictions in accessing native crypto options markets such as Deribit. These investors may focus on generating returns on their long-held spot ETFs, which may lead to further compression of implied volatility.
This echoes the trend of institutions using MicroStrategy as a proxy for Bitcoin exposure. The third quarter 13F filing shows that the number of institutional investor holders of MicroStrategy has surged from 667 to 738, and Vanguard has increased its holdings by nearly 16 million shares, an increase of 1,000%. In this positive atmosphere, Goldman Sachs also plans to spin off its digital asset platform, further highlighting the growing integration of cryptocurrencies and traditional finance.
