IBIT Tops Deribit in Bitcoin Options Open Interest
BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Deribit to become the leading venue for bitcoin options open interest, reaching nearly $38 billion versus Deribit’s $32 billion. Launched in November 2024, IBIT has amassed $87 billion in assets under management and holds 768,000 BTC, commanding 45% of global bitcoin options open interest. This shift underscores growing institutional capital moving into regulated US markets, delivering tighter spreads, deeper liquidity and greater efficiency. While Deribit, now owned by Coinbase, retains appeal for crypto-native traders with a 41.9% market share, coexisting regulated and offshore venues are expanding arbitrage opportunities and bolstering market infrastructure for all participants.
Bullish
IBIT’s rapid rise in bitcoin options open interest—from zero at launch to nearly $38 billion—signals strong institutional demand and increased market participation. With $87 billion AUM and 768,000 BTC holdings, IBIT enhances liquidity, tightens spreads and supports deeper price discovery. The influx of institutional capital into regulated venues and the coexistence of offshore platforms broaden arbitrage opportunities, reduce volatility and encourage higher trading volumes. These factors collectively underpin a bullish outlook for BTC in both the short and long term.