Lionsoul Global is pleased to share a new CoinDesk article by CIO Gregory Mall: When ETF Options Start Driving Bitcoin

The launch of U.S. spot Bitcoin ETFs was a structural turning point. What’s happening next may be just as important: IBIT options are pulling Bitcoin’s convexity onshore into U.S. equity options markets and changing how volatility is transmitted.

Highlights:

From Offshore Leverage to Onshore Gamma: ETF options introduce dealer hedging flows that can be inherently procyclical—amplifying moves when dealers are short gamma.

Volatility Is Now a US Hours Story: Post-IBIT options, Bitcoin’s volatility becomes more concentrated during peak U.S. trading hours—suggesting price discovery and hedging are increasingly happening “inside” traditional markets.

Digital Gold… or Leveraged Nasdaq?: As correlations tighten during U.S. sessions, cross-asset positioning and derivatives mechanics are playing a larger role in short-term BTC behavior.

Read the full article here