Spot Bitcoin ETF Options Debut Smashes Records!

IBIT launched with a record-breaking $1.9 billion in options trading on its first day.

Author

Danielle du Toit
November 20, 2024

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Here's what we've got for you today:

  • Spot Bitcoin ETF Options Debut Leads to All-Time High for Bitcoin

  • Coinbase Delists Wrapped Bitcoin wBTC, Citing ‘Listing Concerns’

  • Ethereum DApp Volumes Gain 38% in a Month - Will ETH Price Follow?

  • Shaquille O’Neal Settles Astrals NFT Lawsuit for $11 Million

BlackRock's iShares Bitcoin Trust (IBIT) launched with a record-breaking $1.9 billion in options trading on its very first day.

  • IBIT saw $1.9 billion in notional exposure on its first day, with 354,000 contracts traded, according to James Seyffart.

  • IBIT’s trading volume dwarfed previous records. In comparison, the ProShares Bitcoin Strategy ETF (BITO) only achieved about $363 million on its first day of options trading.

  • Although Bloomberg senior ETF analyst Eric Balchunas praised IBIT's debut as "unheard of for Day One," he also pointed out that it still lagged behind the $5 billion traded by the gold ETF GLD on the same day.

🗑️ Coinbase Delists Wrapped Bitcoin wBTC, Citing ‘Listing Concerns’

Coinbase is in the process of removing Wrapped Bitcoin (wBTC) from the exchange due to “listing standards.”

  • The announcement was made after Coinbase recently introduced its own version of wrapped Bitcoin, cbBTC.

  • wBTC also recently faced serious scrutiny due to BitGo’s joint venture with BiT Global, which is a custodian partially owned by Justin Sun.

  • BitGo CEO Mike Belshe clarified that Sun's operational control is very minimal, and BiT Global's legal structure limits individual ownership to only 20%.

Ethereum’s activity grew by 37.7% over the past month, while its closes competitor saw a 6% decline in volume.

  • Critics consider Ethereum's high average transaction fee as a barrier to growth, but layer-2 solutions like Arbitrum, Base, and Optimism mitigate these concerns.

  • Ethereum still leads in fee generation, and secured $163.7 million in fees over 30 days.

  • With $149.9 billion in on-chain volumes over the past 30 days, Ethereum also managed to outpace its closest competitor, BNB Chain, which recorded only $26.6 billion.

Basketball star Shaquille O’Neal agreed to an $11 million settlement in a class-action lawsuit over his promotion of Astrals NFTs.

  • Shaquille O’Neal recently settled claims related to lawsuits involving both FTX and the Astrals NFT project, though court approval is still pending.

  • O’Neal was served the Astrals NFT lawsuit during an NBA game, and it alleged that his endorsement misled investors, which led to financial losses.

  • The Astrals NFT project features 10,000 collectibles that were designed by Damien Guimoneau. It also promised an immersive virtual experience, but failed as the NFTs' value dropped. Claims then started surfacing that O’Neal distanced himself from the project.

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