Bitcoin (BTC) reached a new all-time high on Tuesday, surpassing $94,000, as options trading on spot Bitcoin exchange-traded funds (ETFs) went live, signaling a major step toward greater institutional and retail adoption.

As of the latest data, Bitcoin was trading just above $94,000, reflecting a more than 4% gain over the last 24 hours and breaking its previous record of $93,450 set on November 13. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies (excluding stablecoins, memecoins, and exchange tokens), posted a modest increase of 0.3%, with Hedera (HBAR) leading the pack with a 9% jump. Polkadot (POL) was the only major coin to post a slight decline, down 0.8%.

The introduction of spot Bitcoin ETF options is a major development for the cryptocurrency market, providing investors with greater flexibility and exposure to Bitcoin. While Bitcoin options have been available through the CME for years, the new spot Bitcoin ETFs represent a breakthrough for both retail and institutional investors. Noelle Acheson, former head of market insights at Genesis, highlighted that a more sophisticated onshore derivatives market will help boost investor confidence and attract a wider range of participants. “The introduction of these options will deepen the market and allow for a broader array of investment strategies,” she noted.

Currently, BlackRock’s IBIT is the only U.S.-based spot Bitcoin ETF offering options, and demand has been strong from the outset. Bloomberg ETF analyst Eric Balchunas reported that options volume on IBIT reached several hundred million dollars in its debut, with the majority of contracts being call options, indicating bullish sentiment around Bitcoin’s future price movements.