BlackRock bitcoin ETF options overtake Deribit in U.S. crypto derivatives market

Regulated bitcoin derivatives in the U.S. are gaining ground as options tied to BlackRock’s iShares Bitcoin Trust surpass the size of the offshore Deribit market in open interest. The shift highlights faster institutional adoption of exchange-listed crypto products and points to a deeper onshore market for hedging and price discovery.

Nasdaq-listed IBIT options surpass offshore rival

As first reported by CoinDesk, options linked to BlackRock’s iShares Bitcoin Trust, known as IBIT, reach $27.61 billion in open interest on Friday, edging past the $26.90 billion recorded in Deribit’s bitcoin options market, based on data tracked by Volmex.

The crossover is notable because Deribit has operated since 2016, while IBIT options have closed the gap in roughly two years. The development suggests the U.S. regulated, institutional-grade infrastructure for bitcoin investing and derivatives is no longer trailing offshore venues.

Options give investors the right to buy or sell an underlying asset at a predetermined price at a later date. Market participants use open interest to gauge market depth and participation, while traders use options to hedge spot and futures positions, speculate on price moves and generate income on bitcoin or ETF holdings.

One widely used income strategy in IBIT is the covered call, in which investors hold the ETF and sell call options above the current market price. Traders holding bitcoin directly have used similar strategies on Deribit for years.

Positioning shows different investor behavior

Volmex data show the two markets are now similar in size but differ in structure and investor profile. Open interest in IBIT call options points to expectations for a move equivalent to bitcoin trading near $109,709 in the near term, while Deribit positioning indicates a more measured bullish view centered around $106,000.

Volmex says onshore call open interest is concentrated further out of the money than offshore positions, a pattern consistent with U.S. retail upside speculation and systematic call overwriting programs. The firm also says IBIT options are weighted toward October 2026 expiries, versus August expiries on Deribit, indicating longer-horizon positioning by ETF investors compared with more tactical offshore trading.

Sidrah Fariq, Deribit’s global head of retail sales and business, says IBIT’s growth is positive for the broader crypto derivatives ecosystem because U.S. retail investors cannot easily access platforms such as Deribit and are turning to regulated ETF options instead. She says macro risks, including supply chain uncertainty, energy shocks and geopolitical tensions, are also supporting demand for hedging tools.

Volmex also notes that IBIT’s implied volatility remains higher than comparable volatility derived from Deribit bitcoin options. The firm attributes that premium to the limited ability of ETF holders to short bitcoin directly, which increases demand for put options as a hedge and keeps implied volatility elevated.

In our earlier report on the U.S. expanding sanctions enforcement into crypto networks, we detailed how Washington targeted Iran-linked digital-asset channels alongside traditional financial restrictions. We also noted Tether’s blacklisting of Tron addresses holding $344 million in USDT and OFAC’s designation of multiple wallets tied to Iran’s cross-border payments activity.