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【Analyst: Bitcoin spot ETF options may affect the demand for underlying assets】 September 27, according to The Block, the U.S. Securities and Exchange Commission (SEC) recently approved BlackRock to list and trade its spot Bitcoin options. CryptoQuant analysts pointed out that "the launch of options on IBIT ETFs may increase the "paper" supply of Bitcoin because institutional investors can gain exposure to Bitcoin without directly purchasing Bitcoin. Options on spot Bitcoin ETFs mean that the "paper" supply of Bitcoin will increase, and institutional investors can gain exposure to Bitcoin by buying and selling options without investing in the spot market. They can hold a long position in Bitcoin through options without actually buying Bitcoin, or by shorting options without buying Bitcoin first. "Derivatives trader Gordon Grant discussed the impact of this trend and compared it to the gold market. He emphasized that although "paper" trading accounts for a large part of the total trading volume, physical demand is still needed to support this supply. Although paper gold trading accounts for a significant share of the total average daily trading volume, the same is true for spot trading. Although open interest in the paper market may increase significantly, at some point, paper supply must require paper demand, which involves physical support.
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