Bitcoin (BTC) surged to a new all-time high on Tuesday, surpassing $94,000, as the launch of spot Bitcoin exchange-traded fund (ETF) options gained traction, signaling heightened interest and engagement from both institutional and retail investors.

At the time of writing, Bitcoin was trading above $94,000, marking a 4% increase over the past 24 hours, surpassing its previous record of $93,450 set on November 13. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins, memecoins, and exchange tokens), edged up by about 0.3%. Hedera (HBAR) led the pack with a 9% gain, while Polkadot (POL) saw a slight decline of 0.8%.

The launch of options for spot Bitcoin ETFs is seen as a game-changer in the cryptocurrency market, providing new avenues for investment. While Bitcoin options have been available via CME for some time, these new products cater specifically to retail investors and financial institutions, offering more diverse strategies. According to Noelle Acheson, former head of market insights at Genesis, the introduction of a robust onshore derivatives market will help build investor confidence and attract new market participants. “Options give investors more flexibility, allowing them to express their opinions on Bitcoin’s price with greater precision,” Acheson said.

Currently, BlackRock’s IBIT is the only U.S.-listed spot Bitcoin ETF offering options, and the demand has been substantial since its launch. Bloomberg’s ETF analyst Eric Balchunas reported that the options volume on IBIT reached several hundred million dollars on day one, with the majority of contracts being call options, signaling that investors expect Bitcoin’s price to continue rising.