Bitcoin Options Tied to BlackRock’s IBIT Are Now Wall Street’s Favorite

BlackRock's iShares Bitcoin Trust (IBIT) has outpaced Deribit to become the leading venue for bitcoin options, as reflected by an open interest of nearly $38 billion compared to Deribit's $32 billion. This shift, occurring less than a year after IBIT options launched, indicates a significant transformation in crypto derivatives trading, leading to increased legitimacy and liquidity in regulated markets. IBIT, with $84 billion in assets, is now the largest bitcoin exchange-traded fund (ETF) and is attracting substantial institutional capital. While Deribit remains popular among crypto-native traders, IBIT’s rapid growth suggests a structural shift toward more regulated U.S. exchanges. Notably, IBIT accounts for 45% of global bitcoin options open interest, while Deribit controls 41.9% and the CME holds just 6%. The surge in IBIT’s popularity highlights a market increasingly dominated by institutional players and the implications of this dynamic shift.

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