Options on BlackRock's popular iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq Tuesday, ushering in a new way to trade and speculate on the price of bitcoin.
IBIT traded 73,000 options contracts in the first 60 mins of trading Tuesday, Nasdaq told CNBC, placing the fund in the top 20 of the most active nonindex options.
The market for options contracts on major ETFs can be extremely active, and are widely used by more sophisticated traders.
The launch of the bitcoin ETF options will likely also lead to new funds that incorporate those options, said Todd Sohn, ETF strategist at Strategas.
And then we're going to get buffers, and then we're going to get whatever other trend-following-type strategy that folks think of.
Persons:
IBIT, Bitcoin, Noelle Acheson, Todd Sohn, " Sohn
Organizations:
Nasdaq, CNBC, Interactive, Trust, BlackRock
Locations:
U.S