The U.S. Securities and Exchange Commission (SEC) recently approved the listing of Bitcoin spot ETF options. While this still requires approval from the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC), many analysts are already excited about the vast potential of the digital asset derivatives market. The head of asset management firm VanEck noted that the derivatives market for Bitcoin alone, the largest cryptocurrency by market cap, has 279 times the potential of traditional finance. However, Ethereum has faced a setback, as the SEC has announced a delay in the listing of Ethereum spot ETF options until November.

BlackRock and Bitwise Applications Delayed to November

According to data released by the SEC on September 24th, they have pushed back the applications for Ethereum spot ETF options from BlackRock and Bitwise to mid-November. The SEC stated that it requires more time to consider the proposal and has extended the initial 45-day review period for BlackRock's application.

Originally, the Nasdaq submitted a listing application for BlackRock's iShares Ethereum spot ETF options on July 22nd, with the original review deadline set for September 26th. This deadline has now been extended to November 10th. Bitwise's ETHW application, which was submitted a day after BlackRock's, has also been delayed to November 11th.

Ethereum Options Market Still Has Three Times Growth Potential Compared to Bitcoin

According to The Block, Ethereum options trading volume on major centralized cryptocurrency exchanges in September was $10.46 billion. In the same period, Bitcoin options trading volume was approximately $33.9 billion, three times that of Ethereum. With the SEC including digital assets in options trading, there may be significant hype surrounding Ethereum spot ETF options.

On the positive side, including Bitcoin and even Ethereum spot ETFs in options trading is beneficial for the maturity of the cryptocurrency market. Institutions can use options trading to hedge risks, thereby increasing their willingness to include digital assets in their investment portfolios.

Additionally, it will be interesting to see how the SEC's stance on this type of digital asset derivative affects other countries. Although countries like Canada have Bitcoin spot ETFs, their attitude towards derivatives like options remains conservative. As a result, users tend to use centralized exchanges to trade digital asset options. If the U.S. officially lists these products, it may encourage other countries to list digital asset options products.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.