ibit

The options on BlackRock’s Bitcoin ETF (IBIT) have quietly turned into one of the biggest stories on Wall Street this year, and almost nobody outside the trading desks is talking about it the way they should.
Right now there are roughly 7.7 million open IBIT options contracts. That’s not pocket change. That puts IBIT in the top ten of all optionable products in the United States, everything included: Apple, Tesla, the S&P 500 spiders, the VIX, Nvidia… and then little old Bitcoin ETF sneaks in at number nine. If you kick the big indices out of the list and look only at single-stock and ETF options, IBIT is number two. Second place. Behind only the granddaddy of them all, the QQQs.
Think about that for a second. A product that didn’t even have options a year ago is now ahead of Microsoft, Amazon, Meta, Goldman Sachs, JPMorgan… basically every household name you can think of.
The growth has been so ridiculous that Nasdaq had to step in. Last month they filed paperwork to raise the position limits on IBIT from 250,000 contracts to a million contracts each side. That’s the same tier they give to things like the emerging markets ETF (EEM) and the China large-cap ETF (FXI), stuff that’s been around forever and moves trillions in notional. They basically said, “Yeah, this Bitcoin thing isn’t a toy anymore. Treat it like the grown-ups.”
For BlackRock it’s a cash machine wearing a Bitcoin costume. The fees might look tiny on paper, but when you’re sitting on $86 billion of assets and the options market around your product is this liquid, the whole ecosystem feeds itself. Market makers, prop shops, hedge funds, they all pile in, and BlackRock just keeps printing.
But the part that actually matters isn’t the headline number. It’s what the number is telling us.
When you have this much open interest, real institutions can finally play. A pension fund or a family office that would never touch a Coinbase account can now get meaningful Bitcoin exposure, hedge it properly, and sleep at night knowing everything clears through the OCC like any other option. They’re not buying “crypto.” They’re buying a regulated ETF option that happens to track the price of Bitcoin. The mental leap is enormous.
It also means Bitcoin is starting to behave like every other macro asset. People are running the same playbook they run on gold, oil, or the dollar: covered calls when it’s quiet, protective puts when the world looks shaky, straddles around big events. I’ve talked to traders who are pairing IBIT calls with short Nasdaq futures as a “tech vs. hard-money” view. That sentence would have sounded insane two years ago.
If the new million-contract limit gets approved (and it probably will), the ceiling comes off completely. You’ll see volatility desks, commodity funds, and even some of the big macro tourists start treating IBIT options like they treat crude oil or 10-year note options. Just another liquid product they can lean on when they want to express a view about inflation, the Fed, or a weakening dollar.
We’re past the “is Bitcoin real?” debate. The options market just voted, and the score is 7.7 million contracts and counting.
For anyone sitting in a brokerage account staring at their watchlist, it’s probably the most under-appreciated story of 2025 so far. The boring infrastructure is in place now. The training wheels are off. Bitcoin didn’t just get a seat at the table; it brought its own derivatives menu, and the grown-ups are already ordering.
#BinanceBlockchainWeek #CPIWatch #BlackRock⁩ #etf $BTC #IBIT

Key points
BOX Exchange to introduce FLEX equity options on the BlackRock Bitcoin ETF.The exchanges received approval to increase position and exercise limits for IBIT.Nasdaq also seeks approval of BlackRock iShares Bitcoin Premium Income ETF, which includes FLEX options.BTC price rockets 8% amid multiple positive developments.
BOX Exchange joins other exchanges seeking approval from the U.S. Securities and Exchange Commission (SEC) to introduce FLEX equity options on the BlackRock Bitcoin ETF. The SEC is deliberating approval of FLEX options on IBIT under the generic listing rules for submissions from multiple exchanges.
Exchange Seeks Approval of FLEX Options on BlackRock Bitcoin ETF (IBIT)

BOX Exchange is seeking approval to permit FLEX equity options on the BlackRock iShares Bitcoin ETF, according to a US SEC filing dated December 2. The exchange filed the proposal after the prolonged government shutdown ended.

It seeks to amend BOX Rule 5055 to introduce FLEX equity options on the IBIT. This is a competitive filing as similar proposals were submitted by Nasdaq PHLX and Nasdaq ISE. Notably, the latter becomes the first exchange to receive approval to list options on IBIT.

The latest filing comes after BOX Exchange received the SEC approval to increase position and exercise limits for IBIT options. The SEC has not approved FLEX options, other than cash-settled options, on IBIT.
The exchange asserts FLEX IBIT options trading would enable market participants to better manage the risk associated with BlackRock Bitcoin ETF volatility. Also, it will boost liquidity and mitigate counterparty credit risk.

In addition, the exchange has asked the commission to waive the 30-day operative delay period. It claims the move protects investors and ensures fair competition among the exchanges.
BlackRock Awaits Approval on iShares Bitcoin Premium Income ETF

Just before the government shutdown, Nasdaq filed to list and trade BlackRock iShares Bitcoin Premium Income ETF. The fund will provide yields to investors from Bitcoin-linked strategies, including FLEX options.

Unlike BlackRock’s IBIT that simply tracks the spot BTC price, the new iShares Bitcoin Premium Income ETF aims to provide a steady yield for income-focused investors.

The SEC is expected to decide on options-linked income ETFs before IBIT and ETHA start operating in compliance with the generic listing standards in 2026 Q1.
BTC Spikes 8% to Mark a Recovery

Bitcoin has jumped by almost 8% over the past 24 hours, with the price currently trading at $93,243. It made a 24-hour low of $86,404 and a high of $93,542. Trading volume also saw a 10% bounce in the last 24 hours, indicating interest among traders.

The reasons behind the sudden recovery included Vanguard listing BlackRock Bitcoin ETF and other crypto funds for trading, liquidity injection by the US Fed as QT ended, and rising December Fed rate cut odds.

The derivatives market saw massive buying, as per CoinGlass data. The total BTC futures open interest climbed 6% to $60.79 in the last 24 hours. The 4-hour BTC futures OI on CME and Binance has jumped further by more than 1.8% and 2.77%, respectively.
#IBIT #BinanceBlockchainWeek #TrumpTariffs #WriteToEarnUpgrade #CryptoIn401k $BTC