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The OCC approved options trading for the Bitcoin ETF, and this new market is surging. In one day, BlackRock’s IBIT ETF saw over $425 million in options trades.

Traders have been overwhelmingly bullish in their predictions, with over $6 million in bets that Bitcoin’s value will double in one month.

BlackRock’s Bitcoin ETF Options

Since the OCC approved options trading for the Bitcoin ETF, this new investment opportunity has been booming. For example, Grayscale already filed for a new covered call, Bitcoin ETF. According to Bloomberg ETF analyst Eric Balchunas, however, the biggest winner has been BlackRock’s IBIT.

“A few hundred million so far in options volume on IBIT (a ton for Day One). Here’s a rank of the contracts by volume, it’s almost all calls. Seems very bullish, especially the December 20 C100, which is basically betting price of BTC will double in the next month,” said Balchunas.

These Bitcoin options trades total well over $425 million and counting, with inflows still coming in. These figures are very impressive on their own, but Balchunas further noted that the Put Call ratio is .17. This represents the ratio of bearish to bullish predictions, and signifies that these traders are betting overwhelmingly in favor of Bitcoin’s rise.

By the mid-afternoon, IBIT’s total trade volume crossed the $3 billion threshold. Even one week prior, $1 billion was called a strong showing.

These options trades have turbocharged the leading Bitcoin ETF, and other issuers like Grayscale have barely entered the market.

Meanwhile, the spot Bitcoin ETFs are also making a stride. According to data from Farside Investors, on Tuesday, the Bitcoin ETFs recorded an inflow of $816.4 million as BTC hit a new all-time high.

These massive new inflows have only facilitated BlackRock’s continued Bitcoin investment. According to data from ETF analyst Shaun Edmondson, the US issuers collectively purchased over 2,800 BTC since Monday.

BlackRock alone purchased more than 1,000 BTC. Moreover, ETF issuers now hold over 5% of the total Bitcoin supply.

On Sunday, November 17, Ripple’s (XRP) price hit $1 for the first in three years. This landmark also saw XRP volume rise to $24 billion, but as of this writing, that value has since dropped.

This decline indicates that interest in the altcoin is no longer as high as it was earlier. But how will this affect XRP’s price?

Market Attention to Ripple Drops

According to Santiment, XRP’s volume recently peaked at $24.40 billion but has since dropped significantly to $7 billion, marking a $17 billion decrease in buying and selling activity.

From a technical perspective, a rising price coupled with increasing volume typically signals a strong and sustainable uptrend. However, when the price rises while volume declines, it suggests weakening momentum and a potential reversal.

This appears to align with XRP’s current situation, where the volume drop indicates diminished market participation. If this trend persists, XRP’s price could struggle to maintain its upward trajectory and risk falling below the $1 mark in the short term.

Furthermore, a look at social dominance shows that the reading has dropped. Social dominance is measured by analyzing the percentage of discussions focused on a specific cryptocurrency compared to the total discussions happening across various crypto-related platforms. This metric highlights how much attention an asset is garnering within the broader crypto community.

When social dominance increases, it often indicates heightened interest or hype around the asset. Conversely, a decrease in social dominance may suggest that the asset is losing visibility or relevance in the market.

A few days ago, XRP’s social dominance was almost 13%. As of this writing, it has dropped to 2.34%, indicating that interest in the token has waned. Should this remain the case alongside the drop in XRP volume, the price might drop.

XRP Price Prediction:  Sub-$1 Possible

Based on the daily chart, XRP experienced a surge in buying pressure earlier. This was indicated by the Money Flow Index (MFI), an indicator that measures the level of capital injected into a cryptocurrency.

But as of this writing, the MFI reading has dropped from that peak. This decline indicates that buying pressure is no longer as high as it was some days back. Therefore, if this reading continues to decrease, then XRP’s price could drop to $0.80.

However, if XRP volume climbs to the double-digits region again, this trend might change. Should that happen, the cryptocurrency’s value could rise to $1.26.