Participating in Bitcoin's Recovery Without Buying IBIT
Bitcoin has recovered around 37% since mid-August, but its price remains below where it started in 2026. The iShares Bitcoin Trust ETF (IBIT) has attracted roughly $3.76 billion from August 15 to September 22, according to Bloomberg.
The legislative picture is less settled, with the CLARITY Act cloture vote failing 49-50 on September 15. This leaves investors who think the recovery may have further to run but are wary of committing full capital to IBIT in an awkward spot.
Options do not make Bitcoin less volatile; they let an investor choose which slice of that volatility to take and how much capital to put behind it. Two defined-risk structures can help investors without a position in IBIT participate in the recovery: the bull call spread and the cash-secured put.