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Bitcoin Makes New All-Time High of $94,000 as ETF Options Go Live
Spot bitcoin exchange-traded funds options are making solid volume on their first day.
Updated Nov 19, 2024, 7:19 p.m. Published Nov 19, 2024, 6:31 p.m.
- Bitcoin rose above $94,000 today, hitting a new all-time high.
- Spot bitcoin ETF options are now live on Nasdaq.
- The product was rolled out in strong demand from traders.
Bitcoin made new highs on Tuesday as Wall Street rolled out its latest product, almost guaranteed to increase the exposure of the digital currency among financial institutions: options trading on spot bitcoin exchange-traded funds (ETFs).
At press time, the top crypto was trading above $94,000, up more than 4% in the last 24 hours. This breaks its previous record of $93,450, set on Nov. 13.
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Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins, and exchange tokens — is up about 0.3%. The index’s biggest winner was , up 9%, while the biggest loser was , down 0.8%.
Options contracts allow investors to buy or sell an asset at a specific price and at a pre-determined time. While the CME already offered bitcoin options, the spot bitcoin ETF options are a big deal for retail participants and financial institutions alike, according to Noelle Acheson, former head of market insights at Genesis.
“A deeper onshore derivatives market will enhance the growing market sophistication,” Acheson posted on X. “This will reinforce investor confidence in the asset, bringing in new cohorts while enabling a greater variety of investment and trading strategies.”
“Institutions will be attracted to the greater flexibility and access to high-volume exposure," Acheson added. "Options offer deeper granularity in expressing an investment opinion, and can boost exposure relative to outlay, making them especially attractive to large players.”
Only one of the eleven U.S.-based spot bitcoin ETFs — BlackRock’s IBIT — currently has options available so far, and the demand has been strong.
“A few hundred million so far in options volume on IBIT (a ton for day one),” Bloomberg ETF analyst Eric Balchunas posted on X. Balchunas further noted that the vast majority of the contracts were calls, meaning bets that bitcoin’s price will keep rising.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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