Bitcoin surged to a fresh high above $94,000 on Wednesday after BlackRock’s iShares Bitcoin Trust (IBIT) made history as the first spot Bitcoin ETF approved for options trading.

Nasdaq launched options trading for the IBIT ETF on Tuesday, recording nearly $1.9b in notional exposure, according to Bloomberg Intelligence ETF analyst James Seyffart.

“Final tally of $IBIT‘s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts.” Seyffart said

According to him, the majority of these, totaling 289,000, were call options. These are wagers that the price of Bitcoin will rise. By contrast, only 65,000 put options—which are wagers on a decline in price—were exchanged. This indicates that for every put, roughly four calls were purchased.