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BlackRock's IBIT Overtakes Deribit to Dominant BTC Options Markets

BlackRock’s iShares Bitcoin Trust (IBIT) is now the world’s largest venue for bitcoin options.
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Oct 3, 2025 • 1 min read

BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Deribit as the largest platform for bitcoin options trading, underscoring how institutional capital and regulated products are reshaping the crypto derivatives landscape.

What’s the Scoop?

  • New Market Leader: IBIT’s open interest registered $38B after last week's expiry, surpassing Deribit’s $32B. The shift comes less than a year after IBIT launched options in November 2024.
  • Institutional Pull: Already the largest spot bitcoin ETF with $84B AUM, IBIT is now anchoring options flows, pulling liquidity into regulated U.S. markets that historically trailed offshore venues.
  • Deribit’s Position: Deribit – the dominant crypto options player since 2016 – was acquired by Coinbase for $2.9B in August. While Deribit remains popular among crypto-native traders, IBIT’s surge suggests a structural shift towards Wall Street venues and increasing popularity for U.S. crypto derivatives markets.
  • Market Concentration: IBIT and Deribit together control almost 90% market share of bitcoin options open interest, leaving little share for other exchanges.

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