BlackRock is quietly deepening its Bitcoin bet while other investors await stable market conditions. A new quarterly filing reveals that the firm’s Strategic Income Opportunities Portfolio pushed its holdings of the iShares Bitcoin Trust (IBIT) by 14%. It now holds 2.39 million shares worth roughly $156 million. This surge came in between June and September.
The sudden spike shows how traditional asset managers are continuing to allocate funds in Bitcoin. The global crypto market surged by more than 3% in the last 24 hours as Bitcoin marched past $90,000 mark. Meanwhile, the Fear and Greed index is still flashing “Extreme Fear” among investors.
Nasdaq boosts IBIT Options market
This comes in when the industry’s plumbing is shifting just as quickly. Nasdaq ISE went on file to raise position limits on IBIT options to one million contracts. It is a massive jump from the 250,000 ceiling set only four months ago. Bloomberg’s Eric Balchunas, in a X post, called it “removing the hinges” entirely. It is a sign that exchanges expect heavier institutional flow. He added that IBIT is now the biggest Bitcoin options market in the world by open interest.
That may explain why JPMorgan’s latest structured note is tied directly to IBIT. It came in as a surprising move for a bank that only recently criticized MicroStrategy. However, it faced blowback over claims of crypto “debanking.”
The note offers a minimum 16% return if IBIT hits a preset price by late 2026. It can be an even richer payout if it takes longer. The product is essentially JPMorgan engineering leveraged Bitcoin exposure for clients.
Bitcoin reclaims $90K
The volatility hasn’t exploded the way it did during previous crashes, while Bitcoin dipped down around 29% from its October ATH. Bitcoin price made a comeback, touching $90,000 mark this week. This surge offered traders a breather after a month-long selloff. BTC is trading at an average price of $90,228 at the press time.
IBIT broke its streak of outflows, pulling in fresh money. Futures markets also leaned slightly bullish, with funding rates turning positive again. Options traders are shifting interest back toward six-figure upside strikes. It suggests that the markets are no longer exclusively hedging against downside.
Still, liquidity is thin, and sentiment remains fragile. Bitcoin has recovered about 12% from last week’s panic bottom near $80,000, yet it remains down 21% on the month. For institutions, the downturn hasn’t dampened interest; it just changed the pace. The biggest altcoin, Ethereum, is following BTC’s lead. ETH price jumped by over 3% in the last 7 days. It is trading at an average price of $3,027 at the press time.
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