QCP Asia Colour - 20 November 24 Is crypto finally becoming a key part of macro? The options market for BlackRock's BTC spot ETF (IBIT) made a strong debut, trading an astounding 73k contracts within the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1. This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class. This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets. Other BTC spot ETFs such as the Grayscale BTC Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are expected to have options listed soon. On the other hand, Trump’s Cabinet picks are turning heads, especially with crypto-friendly names like Elon Musk, chosen to lead the newly created Department of Government Efficiency (DOGE), and Pete Hegseth, nominated for Secretary…