The head of alpha strategies at Bitwise Asset Management, Jeff Park, believes that Bitcoin ETF options will not reduce the volatility of the cryptocurrency. He explains that Bitcoin's total supply is capped at 21 million coins, which means holders must accept high levels of volatility. The approval of Bitcoin ETF options by the SEC is considered a significant advancement for the crypto market, as it is the first time leverage has been regulated on a supply-constrained commodity. Park believes that this will allow Bitcoin's exposure to grow exponentially and enhance the financial utility of ETFs. While some argue that synthetic exposure has removed supply constraints, Park disagrees and states that options only accelerate the destination of Bitcoin's neutral price, which is higher.



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