The spot Bitcoin exchange-traded fund (ETF) that Greeks.live, a website for trading cryptocurrency options, helped to approve has dashed expectations of a big price jump. Greeks.live gets its data from this platform.Greeks.Live tweeted that recent market data from their trading platform shows that there hasn’t been much volatility in significant term implied volatilities (IVs) and prices, despite rumors that the SEC will approve the Bitcoin Spot ETF application next Tuesday.The market’s anticipation of future price changes in options contracts is gauged by Term IV.The U.S. SEC may get in touch with the Bitcoin ETF applicants early next week, per a report from Reuters.With this breakthrough, investors will be able to trade Bitcoin-backed ETFs on regulated exchanges, which is expected to be critical for the cryptocurrency sector.But the tweet
According to the options data, the implied volatility for Jan12 options—which are closely associated with the ETF—declined as opposed to increasing.Furthermore, these options saw very little trading activity—only 2% of the day’s total turnover—and very little volume.
Greeks.live claimed, based on these observations, that the market has already given the possible approval of the spot Bitcoin ETF some thought.To put it another way, market players might have anticipated the event and adjusted their positions accordingly, meaning that the approval itself had little effect on prices or fluctuations.On December 29, the last day for the SEC to review the updated S-1 forms before January 2024, asset managers BlackRock, Valkyrie, and Van Eck submitted them to the SEC.Bitwise, Invesco Galaxy, WisdomTree, and FidelityApplications on Form S-1 will follow.
Jane Street and JPMorgan Securities were listed as “authorized participants” in BlackRock’s revised application for a potential spot Bitcoin ETF.BlackRock has made clear that it will only accept cash.using October 11, it was the first user to settle a trade using JPMorgan’s Tokenized Collateral Network service.