On Nov. 20, options contracts for BlackRock's iShares Bitcoin Trust (IBIT) ETF, which tracks the spot price of Bitcoin, traded with a total exposure of nearly $2 billion.
This increased exposure may have played a role in driving Bitcoin to a new high above $94,000.
Bloomberg ETF analyst James Seyffart reported that 354,000 contracts were traded, totaling nearly $1.9 billion.
This significant amount of options trading is rare for a new product, as seen by comparison to the ProShares Bitcoin Strategy ETF (BITO), which had $363 million on its first day.