BlackRock Bitcoin Spot ETF options were first traded on Tuesday, with a call/put ratio of 4.44, indicating that investors are generally bullish

SoSoValue data shows that the total trading volume of all option contracts for the Blackrock Bit ETF (IBIT) reached 354,000 contracts on Tuesday, with a notional trading value of $1.86 billion. The option trading also drove a 32% increase in IBIT's trading volume compared to the previous period. Among all the trading contracts, 288,700 were call options and 65,000 were put options, with a call/put ratio of 4.44, indicating a generally bullish market sentiment. The data shows that market trading is concentrated on the bullish options expiring on January 17, 2024, with a price range of $55-$60. This corresponds to a 4.4%-13.9% increase in IBIT's closing price on Tuesday, and analysts estimate that this roughly corresponds to a Bit price of $97,000-$105,000, suggesting that the market expects Bit to reach $100,000 before Trump's formal inauguration. It is worth noting that the implied volatility of the January-expiring options is 68%-69%, which is higher than the 55% 60-day historical volatility of IBIT, indicating that investors prefer to hold options rather than sell them.