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Apr 29, 2026 upd. 7 Jun

BlackRock’s IBIT options open interest tops Deribit, could drive Bitcoin all-time high

2 min

IBIT options overtake Deribit; Park sees options-driven Bitcoin breakout

Bitwise advisor Jeff Park says a new high in Bitcoin may be led by BlackRock’s IBIT options, not spot ETF flows alone.

He spoke at Bitcoin Conference 2026 in Las Vegas on Monday.

Park said IBIT options open interest has surpassed Deribit “for the first time in a meaningful way.” He pointed to this inflection in a post on X here. Deribit has dominated Bitcoin options for years, with traders watching its D-Vol index as the market’s implied volatility proxy source. “D-Vol is flawed,” Park said. “D-Vol only uses Deribit options.”

He argued the US-listed IBIT options market now prices risk differently than offshore venues. Park cited BVIV US (IBIT implied vol) versus BVIV (offshore aggregate). He said the spread is about five points, with IBIT volatility trading higher than Deribit and other offshore venues source.

Why the premium? IBIT options list expiries more than two years out. That gives longer-tenor upside via a regulated US product, which may be drawing retail demand source. “My bold prediction is that we’re going to see a big Bitcoin move up,” Park said.

His thesis: upside call demand can force dynamic dealer hedging. In a scarce asset, that gamma can add momentum and make a rally self-reinforcing. “It is going to be led by IBIT options,” Park said.

At press time, BTC traded at $75,937 source.

  • IBIT options OI overtook Deribit for the first time in a meaningful way source.
  • US IBIT implied vol trades about five points above offshore measures, per Park source.
  • IBIT lists expiries >2 years, offering longer-tenor upside in a regulated product source.
  • Park expects gamma effects from hedging to amplify an upside move in Bitcoin.

Bitcoin price chart