【QCP: BlackRock IBIT Option Launched Today, Providing Basis for BTC Rally】 November 19th, QCP Capital released a report stating that Nasdaq will today begin listing options for the Bitwise Bitcoin Spot ETF (ticker: IBIT). This marks a significant milestone for the Bitcoin derivatives market, as derivatives of traditional assets often grow to 10-20 times the underlying market's size.This development is expected to attract a new wave of institutional investors who face restrictions entering the domestic cryptocurrency options market (such as Deribit). These investors may focus on generating returns from their long-term spot ETF holdings, which could lead to further compression of implied volatility.This reflects the trend of institutions using MicroStrategy as a Bitcoin exposure proxy. The third-quarter 13F filings show that MicroStrategy's institutional holders increased from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares, a growth of up to 1000%. Amidst all these positive factors, Goldman Sachs also plans to divest its digital asset platform, further highlighting the increasing integration of cryptocurrency with traditional finance. We believe this can provide the necessary foundation for BTC's uptrend.