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

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Markets

What to know:

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

Ah, the sweet smell of financial power shifts, as BlackRock’s iShares Bitcoin Trust (IBIT) rises like a phoenix from the ashes, surpassing Deribit in bitcoin options. This sudden dominance is like watching a struggling underdog take the lead in a race they weren’t even supposed to be in.

Open interest in IBIT contracts skyrocketed to nearly $38 billion after Friday’s expiry, while Deribit (the long-time reigning champ) rested at $32 billion. IBIT, who just entered the game less than a year ago, is now making waves that even seasoned traders can’t ignore. Looks like IBIT’s November debut was the ultimate “move fast and break things” strategy, and it’s paying off big time.

But wait, there’s more! IBIT is not just some shiny new toy-no, no. It’s already the world’s largest spot bitcoin ETF, with a staggering $84 billion in assets. It’s like the crypto version of a celebrity that suddenly shows up at your local coffee shop and now everybody has to take a selfie with them. Institutional flows are pouring in like your uncle at a Thanksgiving buffet. This growth cycle is reinforcing liquidity and making crypto look just a little bit less like the Wild West.

Meanwhile, Deribit, which was snatched up by Coinbase for a cool $2.9 billion in August, still holds the crypto-native crowd. They’re the rebellious ones, the “real” crypto people, the ones who scoff at mainstream finance. But even they can’t ignore IBIT’s sudden rise. Looks like the “crypto cowboy” days are slowly fading into the past, as IBIT is pulling crypto derivatives into the cozy regulated markets of the U.S.

Don’t let the smooth stats fool you-IBIT is far from humble. The ETF holds a whopping 770,000 BTC, with options open interest at 340,000 BTC. That’s like saying half of its exposure is mirrored in derivatives. So yeah, if you thought things couldn’t get more speculative, you’re in for a wild ride.

And the plot thickens: IBIT now commands 45% of global BTC options open interest, while Deribit lags at 41.9%. The CME? They’re hanging in at a humble 6%. Together, IBIT and Deribit control nearly 90% of the market. It’s like a high-stakes poker game with only two players, and they’re taking everything.

Conclusion? The data is clear. IBIT is reshaping the derivatives market, and institutional platforms like CME are still playing catch-up. It’s a brave new world, and the old guard just might need to pack up their bags and head home. Get ready, folks, because the future of bitcoin trading is being written by a select few-whether you like it or not.

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2025-09-30 15:49