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The bitcoin derivatives market crossed a symbolic threshold on Friday as options linked to BlackRock’s iShares Bitcoin Trust (IBIT) ETF surpassed those of Deribit, a long-standing player in crypto derivatives. The open interest of IBIT options listed on Nasdaq reached $27.61 billion, compared with Deribit’s bitcoin options totaling $26.90 billion.
This move is notable not only for the record itself, but for how quickly it was reached. BlackRock’s ETF closed the gap in about two years, despite the Deribit platform having operated since 2016.
The change reflects a broader evolution in access to crypto derivatives through regulated market infrastructure. Options—contracts that allow buying or selling an asset at a predetermined price—are widely used for hedging and speculation.
Open interest is a key indicator used to gauge market size and liquidity. In this case, it points to rising activity in products accessible through traditional brokers.
Sidrah Fariq, a Deribit executive, said: “U.S. retail investors cannot access platforms like Deribit, so options on the iShares Bitcoin Trust (IBIT) offer them direct access to leverage and options exposure in a regulated framework.”
Position analysis also shows differences in how investors are positioning on each venue. Data indicates that IBIT options include more optimistic scenarios, with positions suggesting bitcoin near $109,709—about 41% above current levels.
By contrast, Deribit positions point to a more moderate rise around $106,000. The divergence reflects different investor profiles.
Volmex noted that “call options open interest on regulated markets is positioned about 4 percentage points further out-of-the-money than on offshore platforms,” indicating stronger exposure to bullish scenarios on regulated markets.
Investors also appear to differ in time horizon. IBIT options favor longer maturities, notably around October 2026, while Deribit positions focus more on shorter maturities, such as August. Volmex added that “IBIT options have maturities on average about two months longer, weighted by open interest,” reflecting the structure of underlying portfolios.
The article also links higher implied volatility on IBIT to increased demand for protection through put options. It attributes this to the fact that ETF holders cannot easily adopt direct short positions.
The developments point to a “two-speed” market in which regulated and offshore infrastructures coexist rather than replace each other. Sidrah Fariq said: “I do not see this as competition. On the contrary, it broadens the market.”
As institutional investors adopt these tools, the article suggests the bitcoin market could see greater depth and sophistication, potentially improving price formation. It frames the trend as a gradual integration of bitcoin into broader finance standards, with implications for volatility, accessibility, and its role in global portfolios.
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