IBIT has the long-term potential to scale toward SPY levels of liquidity. ISE ran regression models across ETFs and single stock options using market cap and average daily volume. The results suggest IBIT could theoretically support between 1.75 million and 4.68 million contracts and the model suggested 3.87 million contracts. The proposed increase to one million contract limit is extremely conservative. For context, the SPY ETF already carries a position and exercise limit of 3.6 million contracts.(James Van Straten)