"BlackRock's IBIT option market share surpasses Deribit"

BlackRock's Bitcoin (BTC) spot exchange-traded fund (ETF), IBIT, has reportedly overtaken the derivatives trading platform Deribit in Bitcoin options market share.

According to CoinDesk on the 30th (local time), the open interest of IBIT option contracts approached $38 billion after the expiration on the 27th, surpassing Deribit, which recorded $32 billion. This achievement came less than a year after IBIT option trading began in November of last year.

IBIT's growth shows a trend of the traditional financial sector absorbing crypto-related trading even in the derivatives market. Deribit, which was acquired by Coinbase for $2.9 billion in August, still retains support from crypto-native investors, but the market's center of gravity appears to be shifting gradually toward the U.S. regulated market.

According to Checkonchain, IBIT's leverage ratio reached 45%, near an all-time high. IBIT currently holds 770,000 BTC, and option open interest amounts to 340,000 BTC, meaning nearly half of the underlying assets are tied to derivatives. While this indicates the scale of speculative positioning via the ETF, some note it may not fully reflect actual market leverage.

Globally, IBIT recorded a 45% share of the Bitcoin options market to rank first, while Deribit fell to 41.9%. The Chicago Mercantile Exchange (CME) accounted for only 6%, with the remainder taken by other exchanges.

As a result, IBIT and Deribit have solidified a two-horse system controlling about 90% of the total market, revealing that ETF-based options markets are growing while traditional institutional exchanges hold relatively minor positions.