QCP Asia Colour - 19 November 24 NASDAQ will begin listing options on BlackRock's BTC spot ETF (ticker: IBIT) today. This marks a significant milestone for the Bitcoin derivatives market, as derivatives for traditional assets often grow to be 10-20 times the size of the underlying market cap. This development is poised to attract a new wave of institutional investors who face restrictions on accessing native crypto options markets like Deribit. These investors are likely to focus on generating yield on their long-term spot ETF holdings, potentially leading to further compression of implied volatility. This mirrors the trend of institutions using MicroStrategy as a proxy for Bitcoin exposure. Q3 13F filings revealed that institutional holders of MicroStrategy surged from 667 to 738, with Vanguard increasing its holdings by nearly 16 million shares—a staggering 1,000% jump. Amidst all this positivity, Goldman Sachs is also planning to spin off its digital asset platform, further highlighting the growing integration…