IBIT is an ETF that tracks the underlying Bitcoin price. What's super cool about that is you can trade options on the ETF, but you can also use IBIT's options chain to get a different kind of read on the underlying coin.
I don't see people word it this way often, but the general concept feels interesting. If I see puts volume exceeding calls volume by a lot, it makes me think short-term sentiment around Bitcoin is bearish (or at least more defensive). And if IBIT is sitting near a major support level, it might be a hint that Bitcoin itself is also near a major support level.
Is this generally the right way to think about it? And does anyone here prefer trading the ETFs (and their options) instead of trading crypto directly?