Bitwise advisor Jeff Park says Bitcoin’s next all-time high could be driven not by spot ETF flows alone, but by a fast-growing options market around BlackRock’s iShares Bitcoin Trust. Speaking at Bitcoin Conference 2026 in Las Vegas on Monday, Park argued that IBIT options are beginning to reshape the structure of Bitcoin volatility and may become the catalyst for the asset’s next major leg higher.
Why BlackRock’s Bitcoin Options Could Be CrucialThat shift matters because the US-listed IBIT options market appears to be pricing Bitcoin risk differently from offshore venues. Park pointed to BVIV US, which tracks implied volatility on IBIT, and BVIV, an offshore exchange aggregate correlation implied volatility measure. According to him, the spread between the two now sits around five points, with IBIT volatility trading higher than Deribit and other offshore exchange volatility.
“Where is that five points spread coming from? My guess is that there’s a lot of retail demand for upside participation in a longer tenor than what is promised usually on Deribit because IBIT options go out two years plus,” Park said. “And so my bold prediction is that we’re going to see a big Bitcoin move up.”
Park’s thesis centers on the interaction between options positioning and Bitcoin’s scarcity. If IBIT options continue to gain market share, and if upside call demand forces dealers or other market participants to hedge dynamically, the resulting gamma effects could add momentum to a rising market. In that setup, options activity would not merely reflect bullish sentiment; it could help amplify it.
“My prediction is that it is going to be led by IBIT options and the reflexive nature in which the gamma that is possibly created within something like Bitcoin due to its scarcity can really, really lead the next leg up in a meaningful way,” Park said.
At press time, BTC traded at $75,937.
