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BlackRock IBIT Options Open Interest Hit $8.4 Billion as BTC $75k Calls Led Flow
BTC options just turned into an ETF game, and IBIT leads. IBIT options open interest hit $8.4 billion this week, up 28% week over week, with $75k August calls adding $420 million of notional in two sessions. Total BTC ETF options open interest now sits at $11.2 billion, while legacy crypto venue open interest is $14.1 billion, so U.S. listed flow is near parity for the first time.
Flow shows how pros use it. A large fund sold $68k puts and used premium to buy $75k calls, a risk reversal with $180 million notional. Market makers hedged by buying spot, which lifted spot by 1.8% during the flow. Call skew for August rose 4 vol points, while put skew fell, so 25-delta skew flipped to +3.2% for calls, the most bullish since March. Perp funding stayed calm at 0.009% per 8h, so leverage is light and spot led.
Why ETF options matter is margin and access. A U.S. broker allows 50% margin on IBIT options versus 100% on many offshore venues, so cost of carry falls. Settlement is in shares, not coins, so a pension can trade without new custody. Volume backs it. IBIT options daily volume hit $1.6 billion, with 62% in calls, and spread tightened to 1 tick for $70k strikes.
On-chain data lines up. Coins aged over one year rose to 68% of supply, exchange balances fell $1.1 billion, and $1.4 billion of stablecoin mint hit exchanges. Short liquidations above $72k total $2.1 billion, so a break of $72k could force covers into call hedges.
Risk is thin liquidity on a gap. IBIT options halt if shares halt, so a sharp move could trap hedges while spot keeps trading. Also, large put selling can cap downside until expiry, then vanish.
For traders, the cue is clear. When $8.4 billion of ETF options crowd near $75k, spot has fuel. A hold above $70k keeps gamma long and dealers buying dips. That is why desks watch IBIT flow each hour.
#Bitcoin #IBIT #Options #ETF #BTC
BTC options just turned into an ETF game, and IBIT leads. IBIT options open interest hit $8.4 billion this week, up 28% week over week, with $75k August calls adding $420 million of notional in two sessions. Total BTC ETF options open interest now sits at $11.2 billion, while legacy crypto venue open interest is $14.1 billion, so U.S. listed flow is near parity for the first time.
Flow shows how pros use it. A large fund sold $68k puts and used premium to buy $75k calls, a risk reversal with $180 million notional. Market makers hedged by buying spot, which lifted spot by 1.8% during the flow. Call skew for August rose 4 vol points, while put skew fell, so 25-delta skew flipped to +3.2% for calls, the most bullish since March. Perp funding stayed calm at 0.009% per 8h, so leverage is light and spot led.
Why ETF options matter is margin and access. A U.S. broker allows 50% margin on IBIT options versus 100% on many offshore venues, so cost of carry falls. Settlement is in shares, not coins, so a pension can trade without new custody. Volume backs it. IBIT options daily volume hit $1.6 billion, with 62% in calls, and spread tightened to 1 tick for $70k strikes.
On-chain data lines up. Coins aged over one year rose to 68% of supply, exchange balances fell $1.1 billion, and $1.4 billion of stablecoin mint hit exchanges. Short liquidations above $72k total $2.1 billion, so a break of $72k could force covers into call hedges.
Risk is thin liquidity on a gap. IBIT options halt if shares halt, so a sharp move could trap hedges while spot keeps trading. Also, large put selling can cap downside until expiry, then vanish.
For traders, the cue is clear. When $8.4 billion of ETF options crowd near $75k, spot has fuel. A hold above $70k keeps gamma long and dealers buying dips. That is why desks watch IBIT flow each hour.
#Bitcoin #IBIT #Options #ETF #BTC