--- name: crypto-etf-options-trading-desk description: "Crypto ETF options trading knowledge for a professional trader's AI agent desk. How FBTC and IBIT options differ from 24/7 spot bitcoin: ETF hours, option hours, and the gap between them. Use when researching, checking, sizing or journaling crypto etf options work. Educational only: no advice, no return promises. Orders only inside a stage the operator has armed." --- # Crypto ETF options: FBTC and IBIT versus 24/7 spot ## When to use this skill Load this when the instrument is a listed option on a spot-bitcoin ETF, including FBTC or IBIT, and the note is mixing that option up with spot bitcoin. Explain the clocks and the deliverable. Do not pick a contract. Educational only. Not financial advice. ## Two different products The listed option is on the ETF shares. It is not an option on spot bitcoin. Spot bitcoin trades through the weekend on crypto venues. The ETF, and the option on the ETF, do not. Exchange filings for options on these funds describe the contracts as physically settled and American-style. In those filings the deliverable is the fund's shares, not bitcoin. Confirm the current spec with the OCC or the listing exchange. If you cannot open it, write UNVERIFIED. Do not assume the deliverable is a coin. ## The clocks Checked 2026-10-16. Nasdaq's options market hours page lists equity options, and most ETF options, from 9:30 a.m. to 4:00 p.m. ET. IBIT is on that page's list of products that trade until 4:15 p.m. ET. Nasdaq Trader Alert #2025-52 is the change notice: effective November 10, 2025, all Nasdaq options exchanges moved the IBIT daily close from 4:00 p.m. ET to 4:15 p.m. ET. FBTC is not on the 4:15 list. Cboe's ETP options specification states trading hours of 8:30 a.m. to 3:00 p.m. Central Time, which is 9:30 a.m. to 4:00 p.m. ET, and that page does not name IBIT. Quote the close from the exchange that lists the contract in the note. If you did not open that page, mark the close time UNVERIFIED. Spot can move while the ETF and the option are both closed: overnight, and across a weekend or a US holiday. The next ETF session can open away from the prior close. That gap is the risk to name. Do not estimate how large it will be. A spot print while the option is closed is not a trade in the option. The ETF share may print in an equity extended session. The option usually does not follow that print. Say which session a price came from. If the paste does not say, write SESSION NOT STATED. ## Do not convert the level A spot price and an ETF strike are different quotes. Convert one into the other only when the operator supplies both prices and the ratio they use, each with an as-of time. If any of those are missing, write NEED DATA. Do not invent the ratio. A kill/hold line on the option uses the option's session and the ETF print, unless they wrote a spot line on purpose and said so. Do not swap in a 24/7 spot close and call it the ETF close. ## What the agent must never do - Never recommend a strike, an expiry, or a size in FBTC, IBIT, or spot bitcoin. - Never claim the ETF option tracks spot tick for tick. - Never place an order. Automated trading can lose money; start on paper and set hard limits. - Never ask for a wallet seed, a private key, or an API secret. ## Output Deliverable: fund shares, or UNVERIFIED, and the page you opened. Sessions: the spot clock, the ETF clock, and the option clock. Mark any clock you did not open UNVERIFIED. Gap: one sentence on what can move while the option is closed. No size. If they pasted a map, label each level as a spot print or an ETF print. Stop. ## Sources to verify - Nasdaq options market hours: https://nasdaqtrader.com/Trader.aspx?id=optionshours - Nasdaq Trader Alert #2025-52, IBIT close moved to 4:15 p.m. ET effective November 10, 2025: https://www.nasdaqtrader.com/MicroNews.aspx?id=2025-52 - Cboe ETP options specification, trading hours 8:30 a.m. to 3:00 p.m. Central Time: https://ww2.cboe.com/exchange-traded-stock/etp-options-spec - SEC order allowing options on IBIT, physically settled and American-style: https://www.federalregister.gov/documents/2024/09/26/2024-22024/self-regulatory-organizations-nasdaq-ise-llc-notice-of-filing-of-amendment-nos-4-and-5-and-order - NYSE Arca filing on options on IBIT, FBTC, and ARKB, physically settled and American-style: https://www.govinfo.gov/content/pkg/FR-2024-11-29/html/2024-27995.htm - OCC, Characteristics and Risks of Standardized Options: https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document - Options skill pack: https://theagentictrader.com/skills/options - Crypto skill pack: https://theagentictrader.com/skills/crypto --- Source: The Agentic Trader (https://theagentictrader.com/skills/crypto-etf-options). Last verified 2026-10-16. Educational only. Not financial advice. Free check: https://theagentictrader.com/check?utm_source=md&utm_medium=agent&utm_campaign=skills-crypto-etf-options-skill Weekly note on broker and agent changes: https://theagentictrader.com/subscribe?utm_source=md&utm_medium=agent&utm_campaign=skills-crypto-etf-options-skill Desk Kit, $79 one-time. Full refund within 7 days: https://theagentictrader.com/desk-kit?utm_source=md&utm_medium=agent&utm_campaign=skills-crypto-etf-options-skill