Options trading on spot %Bitcoin (CRYPTO: $BTC) exchange-traded funds (ETFs) could become available today (Nov. 19), according to the Nasdaq exchange.

Options are a form of derivative that allows investors to purchase or sell an underlying asset such as a Bitcoin ETF at a predetermined price within a specified period.

Options contracts are popular with professional traders because they allow them to not just make leveraged directional bets, but to hedge other positions.

The addition of options on spot Bitcoin ETFs is a highly anticipated tool that analysts say could attract more institutional interest to cryptocurrencies.

The U.S. Securities and Exchange Commission (SEC) approved the listing of options for spot Bitcoin ETFs in September of this year.

Now, the Nasdaq exchange is saying that it plans to make options on spot Bitcoin ETFs available for trading as soon as today.

“Our intent at Nasdaq is to list and trade these options as early as tomorrow,” said Alison Hennessy, head of ETP listings at Nasdaq in an interview with Bloomberg on Nov. 18.

While there are currently 11 U.S.-based spot Bitcoin ETFs on the market, only one of them, BlackRock's %iSharesBitcoinTrust (NASDAQ: $IBIT), is listed on Nasdaq and could therefore have options available to investors and traders.

As for the other Bitcoin ETFs, options on those could begin trading within the next few days, following the lead of Nasdaq, say analysts.

It's generally assumed that options trading will help to further draw institutional investors to the crypto marketplace.

The price of Bitcoin is currently at $92,000 U.S., having risen 108% so far this year.