BlackRock’s IBIT Surpasses Deribit as Bitcoin Options Market Leader
Open interest in BlackRock’s iShares Bitcoin Trust (IBIT) options jumped to nearly $38 billion following Friday’s expiry, overtaking Deribit, which had dominated BTC options markets with $32 billion since 2016. This milestone comes less than a year after IBIT options launched in November, highlighting the growing role of institutional capital in shaping crypto derivatives.
The ETF, already the world’s largest spot bitcoin fund with $84 billion in assets, has quickly become a magnet for institutional flows, channeling liquidity into regulated U.S. markets. Deribit, acquired by Coinbase for $2.9 billion in August, remains a hub for crypto-native traders, but IBIT’s rise signals a structural shift, with options trading increasingly anchored in U.S.-regulated venues.
Data from Checkonchain shows IBIT’s leverage ratio at 45%, near all-time highs. The fund holds 770,000 BTC, with 340,000 BTC in options open interest—almost half its holdings mirrored in derivatives, underscoring the scale of speculative positioning.
IBIT now commands 45% of global BTC options open interest, surpassing Deribit’s 41.9%, while CME accounts for just 6%. Together, IBIT and Deribit dominate nearly 90% of the bitcoin options market, highlighting the concentration of activity in ETF-driven and crypto-native venues.
The trend illustrates two key takeaways: IBIT’s growing influence is reshaping derivatives trading, and traditional institutional platforms like CME remain small relative to ETF-backed and retail-heavy markets.
