On January 21, 2026, the U.S. Securities and Exchange Commission (SEC) formally accepted the rule change application from Nasdaq (Nasdaq ISE), waiving the standard 30-day waiting period, and immediately canceling the position and exercise limits for 25,000 contracts of Bitcoin and Ethereum spot ETF options. This adjustment covers leading crypto ETF products such as BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC, marking a complete alignment of the crypto derivatives market with traditional financial regulatory standards, clearing key obstacles for large-scale institutional capital entry.
This rule change originates from the application submitted by Nasdaq on January 7, with the core objective of eliminating the regulatory differences between digital asset derivatives and traditional commodity ETF options like gold. The SEC announcement indicates that a final decision will be made by the end of February, while maintaining the power to suspend changes within 60 days. However, short-term exemptions have significantly enhanced market liquidity — as of January 23, the trading volume of BlackRock's IBIT option contracts surged by 47% compared to last week, with a total transaction amount surpassing $196 million, and the total market value of the two-times Bitcoin futures ETF (BITX) remains stable at $1.467 billion.
Industry analysis points out that the removal of position limits will directly benefit large institutions such as sovereign funds and pension funds. The previous contract limits restricted institutions' operational space for hedging risks and executing arbitrage strategies. After the new regulations are implemented, institutions can optimize their asset portfolios through large options trading, and it is expected to attract over $10 billion in incremental funds into the crypto ETF market. Data from European crypto asset management firm CoinShares shows that in the week before the rule change, global crypto ETPs attracted $2.17 billion in fund inflows, with Bitcoin-related products accounting for 71%, and the new regulations are expected to further amplify this trend.
It is worth noting that this regulatory easing coincides with a global trend towards compliance in the crypto industry. On January 1, the CARF (Crypto Asset Reporting Framework) led by the OECD officially came into effect, covering the first batch of 48 countries and regions, requiring exchanges to disclose user transaction data to tax authorities, with cross-border information exchange starting in 2027. Hong Kong has made it clear that it will join this system by 2028, while the US is promoting domestic legislation with plans to fully integrate into the regulatory framework by 2029. "The clarification of regulations and the opening of markets resonate with each other," said Paul Griggs, CEO of PwC, noting that his firm has fully expanded its business layout in crypto auditing, compliance consulting, and other areas, with the Big Four accounting firms having completed full-scale layouts in the crypto field.
In terms of market response, the price of Bitcoin has fluctuated and risen after the new regulations were implemented. As of January 25, it reported $91,327, and the total market value of crypto assets stabilized at $3.207 trillion. At the same time, Meme tokens and other mid and small-cap coins have shown structural increases, with BROCCOLI714 and BONK experiencing a maximum 24-hour increase of 57.6%, reflecting a rebound in market risk appetite. However, analysts also warn of risks, as there may be policy changes during the SEC's subsequent 60-day review period, and large institutional trades could exacerbate short-term market volatility, requiring investors to be wary of potential risks brought about by changes in liquidity.
This adjustment of Nasdaq rules, along with the implementation of the CARF framework, jointly promotes the transformation of the crypto industry from 'wild growth' to 'mainstream compliance.' As traditional financial institutions continue to increase their involvement and the global regulatory system gradually improves, crypto assets are accelerating their integration into the global financial landscape, becoming an important component of major asset allocation.
