The U.S. Securities and Exchange Commission (SEC)-approved options tied to BlackRock's spot Bitcoin ETF (IBIT), which launched on November 19, have quickly made waves in the crypto derivatives market.
The U.S. Securities and Exchange Commission (SEC)-approved options tied to BlackRock’s spot Bitcoin ETF (IBIT), which launched on November 19, have quickly made waves in the crypto derivatives market. In less than two months, these options have amassed open interest worth $11 billion, nearly half of the $23 billion held in Deribit’s long-established Bitcoin options market.
According to data from OptionCharts.io on Monday, there were 2.16 million active IBIT options contracts. This impressive figure highlights the strong demand for regulated crypto derivatives in the U.S. Each IBIT option contract represents 100 shares of BlackRock’s Bitcoin ETF, and its notional value is calculated by multiplying the ETF’s price by the lot size.
On the other hand, Deribit has been a leading force in the global crypto options market for eight years, offering contracts representing one BTC each. While Deribit’s offshore status has historically limited access for U.S.-based investors, IBIT options now provide a regulated alternative, catering to both institutional investors and retail traders in the U.S.
These IBIT options have introduced a fresh dynamic in the market. According to Volmex Finance, a crypto derivatives protocol, these products not only attract retail investors but also offer new opportunities for institutional players.
“IBIT options are rapidly gaining traction, challenging Deribit’s longstanding dominance. This growth reflects increasing interest from U.S. traders who previously lacked access to regulated crypto options,” commented Volmex.
Despite the rise of IBIT options, Deribit’s Chief Executive Officer, Luuk Strijers, sees this development as ultimately beneficial for the broader crypto derivatives market.
“IBIT options cater primarily to U.S. retail investors—a segment historically excluded from Deribit’s platform. Their activation has not negatively impacted our market activity. Instead, they’ve introduced arbitrage opportunities and improved institutional risk management,” noted Strijers, adding that Deribit continues to serve as a global hub for risk and volatility management.
Crypto options, like their traditional market counterparts, allow traders to hedge against or speculate on price movements, volatility, and the passage of time. With BlackRock’s spot Bitcoin ETF as the underlying asset, IBIT options have made these strategies accessible to a wider audience, particularly those who prioritize regulatory compliance.
