Options features will likely be added to spot Bitcoin (BTC) exchange-traded funds (ETF) in the US in the fourth quarter. according to to Bloomberg ETF analyst James Seyffart.
However, in another post, Seyffart says marked that the offering could begin as early as the third quarter, as the final deadline for a decision by the US Securities and Exchange Commission (SEC) is approximately September 21.
He added:
“Technically, in our note I said the second half of 2024, because the SEC deadline is in the third quarter (September 21) and there’s nothing stopping things from moving even faster than that, except, ‘Normally it takes longer than that.’
Seyffart also pointed out that the Office of the Comptroller of the currency (OCC) and the Commodity Futures Trading Commission (CFTC) must also approve the withdrawal.
For reference, the Bloomberg analyst mentioned 20 ETFs related to Bitcoin and Ethereum (ETH) that already have options, including leveraged products.
Coincidentally, three exchanges – BOX Exchange, MIAX Pearl and Miami International Securities Exchange – withdrew their applications to list spot Bitcoin ETF options less than an hour after Seyffart posted this prediction.
However, senior Bloomberg ETF analyst Eric Balchunas took notice that these are three “small exchanges,” while large entities such as the New York Stock Exchange (NYSE), Nasdaq and Chicago Board Options Exchange (CBOE) still have active applications.
Options for Ethereum ETFs
On August 7, Nasdaq and BlackRock submitted to add
to the place of the asset manager Ethereum ETF iShares Ethereum Trust (ETHA). The SEC has 21 days to comment on the matter, although the deadline is “probably around” April 9, 2025, according to Seyffart.
In the filing, Nasdaq listed other commodity ETFs with listed options on its platform, such as BlackRock’s iShares COMEX Gold Trust and the iShares Silver Trust.
Bitcoin ETF flows
After two consecutive days of outflows, Bitcoin ETFs recorded $45 million in inflows on August 7. Despite Grayscale’s GBTC outflows being $30.7 million, BlackRock’s IBIT received $52.5 million in cash.
Balchunas said he was surprised by the inflows, as he expected the outflows to continue until Bitcoin ETFs reduced their assets under management by about 2% to 3%. Yet only 0.5% was recorded despite BTC falling 21% on a weekly basis.