TL;DR
- Nasdaq removed position limits for Bitcoin and Ethereum ETF options.
- BlackRock’s Bitcoin ETF is now a top-ten U.S. options asset.
- U.S. Bitcoin ETFs started 2026 with strong net inflows.
The Nasdaq market filed a regulatory amendment with the U.S. Securities and Exchange Commission (SEC). The request seeks to remove position limits for options on Bitcoin and Ethereum exchange-traded funds (ETFs). The SEC agreed to waive its usual 30-day waiting period. Consequently, the rule change took effect immediately.
The amendment specifically eliminates the 25,000-contract per-position limit. The affected products include ETFs from BlackRock (IBIT and ETHA), Fidelity, Grayscale, Bitwise, ARK/21Shares, and VanEck. Nasdaq stated the change will allow it to treat these crypto assets the same as all other options qualified for listing.
Until now, options on crypto ETFs operated under stricter restrictions than traditional commodity ETFs. This update corrects that discrepancy. Nasdaq called the proposal “just and equitable,” arguing it prevents unfair discrimination and keeps markets free and open.
The SEC has not yet received public comments on the amendment. A final decision is expected by the end of February. Nasdaq also indicated that similar changes will likely be implemented on other options platforms, standardizing treatment across the industry.
BlackRock’s Bitcoin ETF Is Already Among the Most Active
BlackRock’s product, IBIT, did not wait for regulatory clarity to gain traction. It currently ranks ninth among all U.S. assets by open interest in options. It reports over 7.7 million active contracts. The ETF entered the top 10 just over a year after its debut.
Bitcoin ETFs recorded net outflows of $1.58 billion over three consecutive days. BlackRock led the withdrawals with $356.6 million. Fidelity’s FBTC followed with $287.7 million in redemptions.
However, the broader picture for 2026 remains solid. U.S. spot Bitcoin ETFs attracted $1.16 billion in net inflows during the first two trading days of the year. January 5 alone saw an inflow of $697 million, the highest single-day figure since October 2025.
BlackRock’s IBIT has added $888 million since the start of the year. The total assets under management for all Bitcoin ETFs now sit around $134 billion. Analysts note that ETFs are absorbing more than 100% of the newly mined Bitcoin supply.
