Bitcoin Options Tied to BlackRock’s IBIT Are Now Wall Street

Open interest in IBIT contracts hit nearly $38 billion after Fridays expiry, versus $32 billion on Deribit, which had dominated the market since 2016.

What to know:

BlackRocks iShares Bitcoin Trust (IBIT) has surpassed Deribit as the largest venue for bitcoin options, marking a shift in crypto derivatives trading.

IBITs open interest reached nearly $38 billion, overtaking Deribit, which had led the market since 2016.

The growth of IBIT highlights a move towards regulated markets, with IBIT and Deribit now controlling almost 90% of the bitcoin options market.

BlackRocks iShares Bitcoin Trust (IBIT) exchange-traded fund has overtaken Deribit as the largest venue for bitcoin (BTC) options in an indication of how accreditation and institutional capital is reshaping crypto derivatives trading.

Open interest in IBIT contracts hit nearly $38 billion after Fridays expiry, versus $32 billion on Deribit, which had dominated the market since 2016. The flip comes less than a year after IBIT options went live in November.

IBIT, already the worlds largest spot bitcoin ETF, with $84 billion in assets, has quickly become a magnet for institutional flows. Its growth cycle is reinforcing liquidity and legitimacy, pulling activity into regulated markets that once sat firmly offshore.

Deribit bought by Coinbase for $2.9 billion in August remains favored by crypto-native traders. But IBITs surge signals a structural power shift as options once driven by high-leverage offshore venues are increasingly anchored in the U.S.

Meanwhile, Checkonchain data shows IBIT ETFs leverage ratio has reached 45%, near all-time highs.

The ETF holds 770,000 BTC, while options open interest stands at 340,000 BTC, meaning nearly half of IBITs underlying exposure is mirrored in derivatives. This highlights the scale of speculative positioning tied to the ETF, though it