IBIT Options Price Swings Calm Down Amidst Bitcoin Rebound
Market sentiment around Bitcoin has apparently cooled down, according to an analysis of options data from Saxo Bank. The bank's investment and options strategist Koen Hoorelbeke pointed out that IBIT (BlackRock's iShares Bitcoin Trust) implied volatility is sitting near the bottom of its 12-month range.
On September 23, options on IBIT were pricing smaller swings than the fund experienced during Bitcoin's recent rebound. Implied volatility for IBIT stood at 37.4%, while realized volatility over the past 20 trading sessions through Tuesday was 45.5%.
The analysis also identified resistance around $87,000, where Bitcoin's advance stalled on September 21, and support between $76,000 and $77,000. Bitcoin traded at $84,751 as of the writing time, up 1.6% in the last 24 hours.