By the end of April 2026, the U.S. SEC approved Nasdaq to significantly increase the options position limit for BlackRock's Bitcoin spot ETF from 250k contracts to 1 million contracts, a fourfold increase. This move is a key regulatory adjustment aimed at market structure maturity and surging institutional demand—previously, the limit had become an expensive constraint for large institutions. Beyond removing capital barriers, this breakthrough is widely interpreted as a "vote of confidence" from regulators in Bitcoin's liquidity and market size.

From a market impact perspective, its structural significance is very clear. This expansion will accelerate the entry of large funds, effectively broaden compliant channels, and promote Bitcoin's evolution from a highly volatile speculative asset to a "standard" institutional asset. Meanwhile, a deeper options market is also expected to help reduce volatility over the long term and improve overall pricing efficiency. However, investors should also be aware: larger position limits also bring short-term "gamma" risk—at key price levels, large-scale hedging by market makers could amplify market fluctuations, making short-term trends more unpredictable.
#比特币ETF期权持仓限额增4倍