IBIT Tops Deribit as Largest Bitcoin Options Venue

BlackRock's iShares Bitcoin Trust, known as IBIT, has overtaken Deribit to become the largest global venue for bitcoin options after open interest in IBIT-linked contracts reached nearly $38 billion following Friday's contract expiry, surpassing Deribit's roughly $32 billion, according to exchange and market data. The shift, less than a year after IBIT began offering options, marks a notable reorientation of bitcoin derivatives toward U.S. listed, regulated products.

IBIT's options market has grown rapidly since its launch in November 2024, fed by the ETF's broader rise as the largest spot bitcoin fund with roughly $84 billion in assets under management. Market participants say the ETF's size and the depth of liquidity it attracts have created a reinforcing cycle: greater liquidity encourages institutional participation, which in turn draws more flow and further deepens markets. BlackRock has also filed to introduce a premium income product that would generate yield by selling covered calls on IBIT holdings, a move that would lean on the existing options market.

The change has prompted traders and analysts to view bitcoin derivatives through the lens of traditional finance....