Bitcoin Options have launched on the Chicago Mercantile Exchange (CME) as of January 13, and they are off to a hot start with $2.18 million of trading volume on the first day. Compare this to Bakkt, which launched Bitcoin Options on January 9, but has only seen $1.1 million of volume in 5 days.
As detailed in a previous article on Crypto.IQ, Bitcoin Options open up a plethora of new trading strategies for crypto traders. Indeed, the initial results from CME and Bakkt indicate that there is high demand for Bitcoin Options.
Also, the launch of Bitcoin options is seen as another step in the maturation and advancement of the crypto space, and some experts think it makes Bitcoin (BTC) more reputable.
Aside from CME and Bakkt, Bitcoin Options have launched on crypto derivatives giant FTX as well, and FTX saw $1 million of volume in less than 2 hours. Thus, in the past week alone three major exchanges have launched Bitcoin Options, whereas before this week no Bitcoin Options existed.
It is difficult to ascertain how exactly Bitcoin Options impact the value of Bitcoin (BTC), since the crypto market is a highly non-linear system. However, it is notable that Bitcoin (BTC) has rallied from $7,700 to $8,700 this week, and it is plausible that Bitcoin Options have something to do with it.