According to CoinMeta, as reported by CryptoNews, crypto ETF options allow traders to buy call and put options on Bitcoin and Ethereum exchange-traded funds. These options entered the U.S. market at the end of 2024, changing the way institutional and retail traders interact with the crypto market. Option contracts grant the buyer the right to buy or sell the underlying asset at a specific price, for which the buyer pays a premium. There are two types of options: call options and put options. As of mid-2026, options on several spot cryptocurrencies ETF were listed in the U.S., with the most active ones being Blackstone's IBIT and Fidelity's FBTC. Option pricing follows the Black-Scholes model, and considering the characteristics of crypto ETF, the implied volatility is usually between 50% and 90%, which is much higher than that of traditional stock options. The market growth of crypto ETF options has introduced new feedback mechanisms, and the hedging activities of market makers may amplify or diminish price fluctuations.