This is how Bitcoin gets to a 10T+ market cap. CME options open interest is at all-time highs, partly driven by systematic volatility selling strategies like covered calls. This points to a more mature market structure with deeper derivatives liquidity around Bitcoin. BlackRock’s new covered call Bitcoin ETF, which will use CME options will drive new volume to CME. However, this makes upside moves less dramatic and dampens volatility, all points to a more mature market structure(James Van Straten)