As of the latest options expiry, open interest in IBIT-linked contracts has surged past Deribit’s, crowning BlackRock’s ETF as the top venue for Bitcoin options.
Key Takeaways:
- Open interest in IBIT options hit nearly $38 billion, surpassing Deribit’s ~$32 billion.
- IBIT now manages over $80-$87 billion in assets, positioning it as the largest Bitcoin ETF by AUM
- The shift reflects growing preference for regulated, U.S.-based crypto derivatives venues over offshore exchanges.
According to reports citing Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken the storied crypto derivatives exchange Deribit as the largest global venue for Bitcoin options. Following the recent Friday options expiry, IBIT-linked open interest climbed to ~$38 billion, outpacing Deribit’s approximately $32 billion in outstanding options exposure.
It is known that Deribit has long held dominance since 2016, especially among crypto-native traders. But IBIT’s fast ascent, which is less than a year after its options release on November 2024, speaks to how capital is increasingly gravitating toward regulated, institutional-friendly structures.
Institutional Appetite Drives ETF Growth
A contributing factor is BlackRock’s expansive scale. With IBIT’s AUM now reported in the range of $80–$87 billion, the ETF has the liquidity, infrastructure, and institutional backing to support heavy options activity.
The daily amount of assets under management (AUM) for BlackRock’s spot bitcoin ETF, IBIT. Source: The Block
Some observers, including Crypto Briefing’s recent report, also point to BlackRock’s filings for a “premium income” ETF that would generate yield by systematically selling covered calls on its IBIT holdings, which further entwines the ETF with derivatives strategies.
Bitcoin Holds Steady Despite Derivatives Shift
As of this writing (9:45AM UTC), Bitcoin (BTC) is trading at approximately $113,009, a 0.8% price increase over the past 24 hours as per TradingView’s real-time market data. Intraday-wise, the token reached as high as $114,762, after its ascent from $111,961, according to CoinGecko.
Meanwhile, technical summary provided by Investing.com, BTC’s RSI(14) is ~32.49 (a “Sell” signal), with broader momentum indicators such as MACD and ADX also leaning bearish in the short term. Because price momentum has softened recently, IBIT’s overtaking of Deribit came amid a relatively calm spot market.
That said, structural shifts in derivatives demand can gradually influence the options premium, volatility surface, and hedging flows around Bitcoin. More capital flowing into IBIT options could steepen implied vol curves tied to the ETF, reduce basis spreads, and push certain derivatives metrics upstream into the spot/ETF ecosystem.
What the Shift Means for Derivatives Markets
IBIT’s rise underscores how institutional players prefer regulated, transparent structures to trade crypto exposures. Rather than intermediating via offshore venues like Deribit, they can now route options and hedges through a familiar ETF wrapper.
What’s Next
In the weeks ahead, market watchers should monitor: (1) whether IBIT options volume continues outpacing Deribit’s in new expiries, (2) how implied volatility and skew evolve around ETF-linked vs. non-ETF options, and (3) whether BlackRock’s planned “premium income” strategy reshapes how yields, hedging, and capital flows interact in the Bitcoin derivatives space.
Summary
IBIT-linked Bitcoin options open interest rose to ~$38B, surpassing Deribit’s ~$32B and signaling an institutional tilt toward regulated, U.S.-based ETF structures. With $80–$87B AUM, IBIT’s scale supports deeper options liquidity, even as BTC trades calmly near $113K.
