Bitcoin Hits $94,000 Milestone: A New All-Time High

Bitcoin ($BTC) surged to a new record high, topping US$93,800 on November 19th according to CoinGecko. The crypto giant even hit a peak of US$94,040 on some exchanges, representing a remarkable 40% jump in just two weeks. As of now, Bitcoin is trading at around $91,890, maintaining its strong upward momentum.

• Are New Bitcoin Spot ETF Options Now Available?
• Could the US Be Building a Strategic Bitcoin Reserve?

Are New Bitcoin Spot ETF Options Now Available?

The cryptocurrency market witnessed a significant milestone on Tuesday as BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the inaugural Bitcoin spot ETF option to receive approval and be listed, drawing a substantial influx of funds on its debut. According to Bloomberg ETF analyst James Seyffart, IBIT’s trading exposure on its first day neared an impressive US$1.9 billion, with 354,000 contracts traded, comprising 289,000 call options and 65,000 put options. This remarkable performance surpasses that of BITO ETF, which amassed US$363 million over the past four years. Market structure expert Dennis Dick attributes the expected decrease in Bitcoin’s price volatility to the active trading of these spot ETF options. The recent decline in Bitcoin’s price, following its peak, has been relatively subdued, indicating a significant enhancement in the market’s tolerance. Dick explains, “As option open interest rises, the market naturally attracts more buyers and sellers. This increased liquidity subsequently leads to a gradual reduction in volatility.” Furthermore, spot Bitcoin ETF options from Bitwise and Grayscale are slated for official launch on Wednesday, November 20, further diversifying the market.

Could the US Be Building a Strategic Bitcoin Reserve?

Bitcoin has surged to new heights this year, more than doubling its value, driven partly by the election of Donald Trump as the next President of the United States. Trump has hinted at the possibility of establishing a “Bitcoin Strategic Reserve,” fueling further interest in the world’s largest and most renowned cryptocurrency. On Wednesday’s Asian session, Bitcoin traded at $92,104, after reaching a record high of $94,078 in the previous session, while Bitcoin spot ETF options have also delivered impressive performances.