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Related tickers and likely impact
BTC/USDT
• NeutralBitcoin
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/28/2026 | 81,343.50 |
| Change that session | +0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- A $68 million bitcoin bet is targeting a post-midterm election breakout to $90,000
A single wallet bought 800 call contracts on bitcoin with a $90,000 strike expiring November 6 on the decentralized platform Derive, worth about $68 million in face value and the largest open bitcoin position on the exchange. The wallet financed the purchase by selling 400 calls at $100,000 expiring March 2027 and 400 calls at $90,000 expiring October 30, netting about $940,000. Derive's market-implied chance of bitcoin exceeding $100,000 by Christmas rose from 9.7% to 12%, while the implied chance of falling below $70,000 dropped from 15.6% to 11%. Bitcoin was trading near $80,000, roughly flat. Derive remains much smaller than the centralized Deribit, which handles several billions of dollars in volume and open interest every day.
- Bitcoin risk management grows more popular as the 'just bet on price' era fades
Options are taking a bigger share of bitcoin's derivatives market, accounting for just under 60% of open interest last week according to Volmex, up from around 50% at the start of the year. Total bitcoin derivatives open interest is about $129 billion, with ETF-linked options making up about 47% of the options market and BlackRock's IBIT holding nearly $35 billion. Volmex calls this a structural shift in which trading is increasingly about managing risk rather than betting on direction. BlackRock has also launched the BITA income ETF and filed for a bitcoin buffer ETF, and the article suggests bitcoin's volatility could keep declining.
- $11 Billion in Bitcoin Options Expire Tomorrow—Here's What It Means
About $11 billion in Bitcoin options, roughly 135,000 BTC and a third of Deribit's Bitcoin options open interest, expire on Friday. Max pain sits at $78,000 against a market price near $81,500, and about 86% of contracts are out of the money. The Fed held rates at 3.75% to 4% on Wednesday in a 10-2 vote, with two dissenters favoring a hike, while the 10-year Treasury yield closed at 5.05%. Of the expiring contracts, roughly 88,700 are calls and 46,500 are puts, a put-to-call ratio of 0.52. Because the $11 billion is notional value, settling at today's price would move about $130 million, roughly 1% of the headline figure. Heaviest call strikes sit at $95,000 and $100,000, with the biggest put cluster at $70,000, and the next expiry on December 25 covers about 135,500 BTC.
- BlackRock Just Announced a New Bitcoin ETF. Should You Buy it?
BlackRock filed with the SEC on Oct. 19 seeking approval for the iShares Bitcoin Managed Protection ETF (ticker PBIT), which aims to soften Bitcoin's declines in exchange for capping its gains. The fund would buy call options near 90% of the starting value and sell higher-strike calls to pay for them, leaving an initial loss exposure of about 10% before fees. A similar Calamos fund lost just 1% during its one-year protection period starting October 2025, when Bitcoin entered a bear market. However, capped upside could mean missing large rallies, such as Bitcoin's 119.5% gain in 2024. The new fund's fee and upside cap have not been disclosed, versus 0.25% a year for BlackRock's spot Bitcoin ETF, and the article says the options strategy could generate short-term gains taxed as ordinary income. The author concludes the fund is probably not worth buying unless the investor wants Bitcoin exposure but fears panic-selling.
- BlackRock files for third Bitcoin ETF, still no Solana or XRP
BlackRock has filed a preliminary prospectus with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), which would mark its third Bitcoin ETF filing. Instead of holding Bitcoin directly, the fund would use options linked to IBIT across three overlapping sets, aiming for limited downside protection in exchange for capped gains. Each options tranche initially targets a maximum loss exposure of about 10%, before fees and expenses. BlackRock warned the fund offers no fixed protection start value, floor or cap, so investors could face bigger losses. IBIT, the largest spot Bitcoin ETF with $65.7 billion in net assets, and ETHA, with $8 billion, are already in BlackRock's lineup, while it has no US spot ETFs for Solana or XRP yet.
- Rare Stanley Druckenmiller post sends crypto-linked stock surging
Stanley Druckenmiller posted on X that he is excited to be an investor in trade(xyz), shortly after TradeXYZ and Intercontinental Exchange (ICE) said they are seeking regulatory approval for a partnership to bring Hyperliquid's perpetual futures onshore in the U.S. Shares of Hyperliquid Strategies (PURR), which invests in the HYPE token, surged 19% to their highest in three weeks, and more than 111,000 options traded, over six times the 30-day average, with almost 86,000 calls and under 27,000 puts. The most popular trades were selling the 13-strike put expiring Dec. 18 and buying the 13-strike call expiring Nov. 6, which together resemble a risk reversal strategy. CEO David Schamis said the deal shows demand for perp-futures trading and is a step toward regulated trading of the asset class.
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