Blackrock’s IBIT Overtakes Deribit as World’s Largest Bitcoin Options Venue

IBIT Tops Deribit in Bitcoin Options Open Interest

Blackrock’s Ishares Bitcoin Trust (IBIT) has officially surpassed Deribit as the world’s largest venue for bitcoin options, a milestone that underscores the accelerating influence of traditional finance in crypto markets.

According to Bloomberg data, open interest in options tied to IBIT climbed to nearly $38 billion after last Friday’s expirations, overtaking Deribit at $32 billion. The move comes less than a year after IBIT options launched in November 2024, ending Deribit’s years-long dominance.

The shift marks a structural change in how traders engage with bitcoin. Offshore exchanges like Deribit, acquired by Coinbase last year for $2.9 billion, had long catered to high- leverage traders seeking less oversight. Now, liquidity is increasingly concentrated in regulated products listed at the core of U.S. financial markets.

Launched in January 2024, IBIT was designed to give institutions direct exposure to bitcoin without custody hurdles. With $70 billion in assets gathered in just 341 trading days, it is the fastest-growing ETF in history.

Analysts say the growth of IBIT’s options market reflects a new liquidity cycle: more institutional flows deepen participation, which in turn attracts even more capital. For treasurers and asset managers, the ability to hedge exposure on a regulated U.S. venue is proving especially compelling.