BlackRock’s IBIT Overtakes Deribit as Largest Bitcoin Options Venue
BlackRock's iShares Bitcoin Trust (IBIT) ETF has surpassed Deribit, becoming the largest venue for Bitcoin options.
Open interest in IBIT contracts reached nearly $38 billion after the latest expiry, compared to Deribit's $32 billion. This shift comes less than a year after IBIT options launched.
IBIT, already the world's largest spot Bitcoin ETF with $84 billion in assets, attracts significant institutional investment, enhancing liquidity and legitimacy in regulated markets.
Deribit, acquired by Coinbase for $2.9 billion, remains popular among crypto-native traders, but IBIT's growth indicates a structural shift towards U.S.-based options trading.
Checkonchain data shows IBIT ETF’s leverage ratio at 45%, near all-time highs, with 770,000 BTC held and options open interest at 340,000 BTC.
IBIT accounts for 45% of global BTC options open interest, overtaking Deribit at 41.9%, while CME holds only 6%.
This concentration shows IBIT and Deribit control nearly 90% of the BTC options market.
The trends highlight IBIT's growing influence in derivatives trading and the relatively smaller role of institutional platforms like CME.
