Grayscale adds options trading to the Grayscale Bitcoin Trust ETF (GBTC) after BlackRock saw record interest in its iShares Bitcoin ETF (IBIT) after introducing options trading. Amplify ETFs CEO Christian Magoon joins Wealth! Host Brad Smith for the ETF report to talk about the developments in the bitcoin (BTC-USD) ETF space.

"It was a big day yesterday for the bitcoin community as well as just bitcoin ETFs to have almost $1.9 billion of trading volume notionally in IBIT ETF options, [which] was a big deal. It's a great start, and a variety of other bitcoin ETF options began trading today," Magoon says.

He adds, "There's a lot of interest here, and what this really allows bitcoin investors and bitcoin ETF investors to do is hedge their positions if they want to or potentially magnify the upside of their positions through using regulated options on the ETFs that hold these physical bitcoins. [It's] a great way to really institutionalize bitcoin ETF trades, both bull and bear, for investors of all types, whether it's institutions or retail investors. So I think this is a good thing overall for bitcoin adoption as well as bitcoin ETFs."

Watch the video above for more on how options trading for bitcoin ETFs affects the broader crypto space.

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This post was written by Naomi Buchanan.