CoinDesk
BlackRock's spot bitcoin ETF IBIT crossed a structural threshold on Friday: open interest in IBIT options listed on Nasdaq reached $27.61 billion, slightly above the $26.90 billion in open interest on Deribit's bitcoin options market, according to decentralized volatility protocol Volmex. The milestone marks the first time a US-regulated bitcoin ETF has matched — and marginally surpassed — the offshore derivatives incumbent that has dominated BTC options since 2016. The gap closed in roughly two years, underscoring how quickly institutional derivatives flow has migrated onshore.
Why it matters
Deribit has been the deepest pool of bitcoin derivatives liquidity for nearly a decade, and US institutions have historically accessed it only via OTC desks or foreign affiliates. IBIT options, listed on a regulated US venue and cleared through OCC, change that: registered investment advisors, hedge funds, and retail broker clients can now trade bitcoin volatility through the same plumbing they use for S&P 500 options. Sidrah Fariq, Deribit's global head of retail sales and business, framed it as additive rather than competitive, telling CoinDesk that "as more participants get comfortable trading options via IBIT, it ultimately feeds into the broader ecosystem." The shift matters for price discovery: a US-regulated options complex of this size gives market makers a domestic vol curve to hedge against, reducing reliance on offshore venues for benchmark pricing.
Market impact
The two books are similar in scale but shaped by different holder bases. Volmex data shows onshore IBIT call open interest concentrated roughly four percentage points further out-of-the-money than Deribit's, with the bulk of strikes implying a BTC-equivalent rally toward $109,709 — about 41% above the current $77,400 spot. Deribit positioning is bullish but more measured, clustered around $106,000. Expiry calendars also diverge: IBIT OI is OI-weighted roughly two months longer-dated, with October 2026 expiries dominating, while Deribit skews to nearer-dated August contracts — consistent with longer-horizon ETF holders onshore versus more tactical offshore flow.
Frequently asked questions
-
What milestone did BlackRock's IBIT just hit in bitcoin options?
IBIT options open interest on Nasdaq reached $27.61 billion on Friday, slightly above the $26.90 billion in Deribit's bitcoin options — the first time a US-regulated spot bitcoin ETF has matched the offshore derivatives leader in scale.
-
How long did it take IBIT options to reach Deribit's scale?
Roughly two years. Deribit has been building its bitcoin options book since 2016, making the pace at which IBIT closed the gap a notable data point for institutional adoption of US-regulated crypto derivatives.
-
What does IBIT's options growth mean for institutional bitcoin adoption?
IBIT options are listed on Nasdaq and cleared through OCC, giving US RIAs, hedge funds, and retail broker clients direct access to bitcoin volatility through familiar infrastructure. The scale gives market makers a domestic vol curve to hedge against, reducing reliance on offshore venues for benchmark pricing.
-
How does IBIT options positioning differ from Deribit's?
Volmex data shows IBIT call open interest is clustered further out-of-the-money, implying a BTC-equivalent rally toward $109,709 versus Deribit's more measured $106,000. IBIT expiries are also OI-weighted about two months longer-dated, dominated by October 2026 contracts versus Deribit's nearer-dated August skew.
-
Why does IBIT's implied volatility trade at a premium to Deribit's?
Volmex attributes the premium to a structural quirk: ETF holders cannot easily short bitcoin through the wrapper, so they buy put options as their only direct hedge. That persistent demand for downside protection keeps IBIT's four-week implied vol slightly elevated versus Deribit's.
WuBlockchain
CoinTelegraph
TheBlock