BlackRock’s iShares Bitcoin Trust Surpasses Deribit in Bitcoin Options

TLDR

• BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Deribit to become the largest Bitcoin options venue globally.
• IBIT reached nearly $38 billion in open interest, overtaking Deribit’s $32 billion after the recent contract expiry.
• IBIT launched Bitcoin options trading in November 2024 and has quickly gained significant market share.
• The rapid growth of IBIT reflects a shift towards regulated, U.S.-based platforms in the Bitcoin derivatives market.
• Deribit, which has been the dominant platform since 2016, remains popular among crypto-native traders despite the shift.

BlackRock Inc.’s iShares Bitcoin Trust (IBIT) has overtaken Coinbase’s Deribit platform to become the world’s largest Bitcoin options venue. As of Friday’s contract expiry, IBIT’s options reached $38 billion in open interest, surpassing Deribit’s $32 billion. This shift marks a significant change in the landscape of Bitcoin derivatives.

BlackRock’s IBIT Surpasses $70 Billion AUM

IBIT, which launched Bitcoin options trading in November 2024, has quickly gained prominence in the market. In contrast, Deribit has been a key player since 2016, dominating Bitcoin derivatives for years. The surge in IBIT’s options volume follows a broader trend of increased interest in regulated U.S.-based venues.

IBIT’s quick rise can be attributed to its rapid growth in assets. By June 2024, IBIT surpassed $70 billion in assets under management (AUM) in just 341 trading days, setting a new ETF benchmark. This is a remarkable achievement compared to other major ETFs, which took significantly longer to reach similar milestones.

The Shift to U.S.-Based, Regulated Venues

IBIT’s growing influence represents a shift in the cryptocurrency market towards U.S.-regulated platforms. Traditionally, offshore platforms like Deribit thrived on leverage and high-risk trading. However, U.S.-based platforms, such as IBIT, are increasingly attracting more capital, offering greater credibility.

Despite IBIT’s rapid growth, Deribit remains popular among crypto-native traders. The platform continues to hold strong, especially following its acquisition by Coinbase in August.

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