Nasdaq Cov hauv qab no yog cov npe ntawm cov lus tsis ntev los no thiab muaj feem cuam tshuam. The SEC filed a document on January 6 requesting that the current limit on options contracts for the iShares ETF Bitcoin Trust (IBIT) be increased from 25,000 to 250,000. This would represent an increase in the risk associated with exercising the option of 2.89%.
The filing states that the limit is only 0.4% for spot Bitcoin ETF (ETF). Jeffrey Park, the head of Bitwise’s alpha strategy, previously had Cov hauv qab no yog cov npe ntawm cov lus tsis ntev los no thiab muaj feem cuam tshuam. Qhov no yog tus lej me.
The number of contract limits that are allowed on one side of the exchange is limited. Since it varies by ETF based on the number of outstanding shares and trading volume, Nasdaq’s requirement cited volume growth as a potential driver of the SEC’s approval.
Cov ntaub ntawv hais tias:
“The Exchange also has no reason to believe that the growth in trading volume in IBIT will not continue. Rather, the Exchange expects continued options volume growth in IBIT as opportunities for investors to participate in the options markets increase and evolve.”
Park expressed optimism that his application would have a successful outcome. He Koj tseem tuaj yeem ntxiv koj cov lus pom. that the facts have always been on Nasdaq and BlackRock’s side.
Treating Differently
Analysts say that the addition of option trading to spot Bitcoin ETFs is an important step for the crypto market, since it will bring in more sophisticated investors and add more liquidity.
IBIT’s options debut Over $446 Million in Moves Eric Balchunas Senior ETF Analyst at Bloomberg highlighted this as being remarkable in his first trading hour, describing it “a ton”It’s a great day to launch a new product.
Park said that despite this approval, cryptos still get a special trading treatment, and compared IBIT’s limit on contracts with other traditional investment instruments.
The limit for CME Bitcoin Futures Contracts is 2,000 contracts, which is equivalent to 175,000 IBIT contracts.
Park thinks that IBIT can qualify for 400,000 option contracts, or 7% of its outstanding shares by Nov. 19, 2024, even though it requires a limit of 250,000.
The low limit for option contracts creates “unusual market dynamics,” For example, arbitrage trading between Bitcoin ETF spot shares.
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