CFTC Approval Close to Launch of Bitcoin Spot ETF Options, Bitcoin Eye $100k
The US Commodity Futures Trading Commission (CFTC) has approved a list of Bitcoin spot ETF options, a major step in bringing Bitcoin to Wall Street. But the final decision now rests with the Office of the Currency Exchange (OCC), which is expected to make a call soon.
With speed building, could this be the start of a new chapter for Bitcoin – and a possible rally to $100,000?
The CFTC has approved the listing of the Bitcoin Spot ETF option
In the year On November 15th, the CFTC issued an advisory notice approving a list of Bitcoin spot ETF options to offer investors new ways to manage their Bitcoin exposure. Eric Balchunas, Bloomberg's senior ETF analyst, marked this second major regulatory phase for Bitcoin spot ETF options after the earlier SEC approval.
The CFTC's clearance is a major win for the crypto industry, as it reflects the growing regulatory recognition of Bitcoin-focused products. With the SEC and CFTC now on board, the stage is set for options tied to Bitcoin spot ETFs to enter the market.
Now, the final step rests with the Options Clearing Corporation (OCC), which is actively reviewing the case. According to Balchunas, the OCC is already involved, indicating that a listing of Bitcoin spot ETF options could happen soon.
Why it matters: Spot Bitcoin ETF Options
The introduction of Bitcoin spot ETF options could bring about significant changes in how people interact with Bitcoin investments. They provide strategies to manage risk, prevent potential price declines, and improve portfolio returns.
For example, investors can use options to protect their Bitcoin holdings or generate additional income through strategies such as covered calls.
This allows investors to have more control over their exposure to Bitcoin price volatility and bring more liquidity to the market.
Bitcoin Next to 100K
For many, this news represents a major victory for the cryptocurrency space. With Bitcoin already hitting a new all-time high of $93k this week, many are now predicting that the Bitcoin spot ETF options approval could push it to $100k.
Michael Saylor, founder of MicroStrategy, is confident in Bitcoin's potential and plans to celebrate when the price reaches $100,000, possibly on New Year's Eve.
Meanwhile, popular analyst Ali Martinez has predicted that Bitcoin could reach $100,680 if it closes above $91,900 this week.
