"Derivatives market will raise Bitcoin market cap to $10 trillion"

An analysis has emerged that the derivatives market will lift Bitcoin (BTC)'s market capitalization to over $10 trillion. On the 27th, according to global virtual asset (cryptocurrency) exchange Binance, Bitcoin's market cap was about 2.2 trillion won.

On that day, James van Straten, a market analyst at the crypto exchange Bullish, said on his X, "The path to a $10 trillion Bitcoin market cap begins in derivatives," citing changes in the Chicago Mercantile Exchange (CME) options market as the key reason.

He explained, "CME option open interest (OI) has reached an all-time high," adding, "This is backed by the proliferation of systematic volatility-selling strategies such as covered calls." He added, "As Bitcoin option liquidity deepens, the market structure is gradually maturing."

He also forecast that BlackRock's recently prepared covered-call-based Bitcoin ETF will bring new trading volume to the CME market. Van Straten said, "This product will create additional demand by utilizing CME options," and "As institutional investor inflows increase, the CME's derivatives ecosystem will be further strengthened."

He emphasized, "While it will be difficult to see the same rapid Bitcoin rallies as before, sharp market declines will also be mitigated," adding, "This ultimately means a transition to a more mature market structure."