IBIT Options Overtake Deribit at $27.6B Open Interest — Regulated Crypto Derivatives Just Hit a New Era!

BlackRock's IBIT options market crossed a landmark threshold on Friday: open interest on Nasdaq reached $27.61 billion, edging past Deribit's $26.90 billion in bitcoin options — a market that has been operating since 2016. IBIT achieved parity in roughly two years, a pace that underscores how quickly institutional-grade, regulated crypto derivatives infrastructure has scaled in the U.S.

The two markets are similar in size but structurally distinct. IBIT call positioning implies BTC reaching $109,709 near-term — about 41% above current prices — while Deribit's call concentration targets a more measured $106,000. IBIT holders also skew longer-dated, preferring October 2026 expiries versus August on Deribit, reflecting a patient, longer-horizon ETF investor base rather than tactical offshore traders.

Deribit's Sidrah Fariq called IBIT's rise a net positive: "US retail can't onboard…