IBIT Options Market Drives Bitcoin ETF Dominance – 29/9/2025
A report from Unchained and analyst James Check highlights how the iShares Bitcoin Trust (IBIT) and its expanding options market are reshaping Bitcoin flows and influencing volatility.
Since launching in January 2024, IBIT has drawn roughly $61 billion in net inflows, making it one of the most successful ETFs to date. The introduction of ETF options in November 2024 accelerated growth, adding $32.8 billion in inflows while competitor ETFs remained largely flat.
The report notes that IBIT now controls 57.5% of Bitcoin ETF assets under management, up from 49% in October 2024, with roughly $0.40 of options open interest for every dollar of Bitcoin held. By comparison, Fidelity’s FBTC holds just $1.3 billion in options open interest—about 25 times smaller.
IBIT’s options market now rivals Deribit, the world’s largest crypto options exchange, which typically sees $4–5 billion in daily trading volume. Institutional participation, revealed in SEC 13F filings, allows large investors to hedge or arbitrage via options, amplifying IBIT’s market influence.
The report concludes that Bitcoin’s volatility profile has shifted significantly, with ETFs and their options markets serving as a central driver.
“The launch of options atop spot ETFs represents a major, yet under-discussed, evolution in Bitcoin’s market structure,” the authors wrote.
