IBIT options OI just flipped offshore derivatives — Bitwise sees a vol-driven BTC rally coming!

Bitwise's Jeff Park has flagged a structural shift in Bitcoin derivatives: open interest in IBIT options has surpassed offshore derivatives for the first time, marking a meaningful migration of Bitcoin exposure into regulated US markets.

Park's read is that this isn't just a positioning footnote. He predicts the options market dynamics around IBIT will act as a catalyst for a volatility-driven Bitcoin rally — as dealers hedge gamma exposure, the feedback loop can amplify upside moves in spot BTC.

The flip matters because it signals that institutional and retail participants are increasingly choosing regulated instruments over offshore venues, a shift that deepens liquidity and changes how volatility is priced across the entire BTC market.