From Crypto Native to Wall Street Giant, IBIT Dethrones Deribit as Top Bitcoin Options Venue

TradingKey - As the Bitcoin-led crypto market integrates deeper into traditional Wall Street finance, institutional investor enthusiasm for digital asset allocation is reshaping the trading infrastructure of this emerging asset class.

According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Deribit, the long-time favorite among crypto-native traders, to become the world’s largest bitcoin options venue.

After Friday’s contract expiration, open interest in IBIT-linked options reached approximately $38 billion, exceeding Deribit’s $32 billion in open interest.

Founded in 2016 and based in Amsterdam, the Netherlands, Deribit has spent years focusing exclusively on futures, options, and perpetual contracts for Bitcoin and Ethereum.

Known for its high liquidity, low latency, and advanced trading tools, it became the most popular platform among crypto traders, capturing around 90% market share in BTC and ETH options.

In contrast, IBIT launched options trading only in November 2024, yet has reached the top spot in less than a year.

Additionally, IBIT achieved $70 billion in assets under management (AUM) in just 341 trading days — the fastest pace ever recorded for any ETF. In comparison, established funds like SPDR Gold Shares (GLD) and Vanguard S&P 500 ETF (VOO) took at least 1,600 days to reach the same milestone.

A Structural Shift in Crypto Markets

Bloomberg noted that the surge in IBIT’s options volume highlights a structural transformation in the cryptocurrency market — a shift from leveraged, speculative derivatives platforms to regulated core components of the U.S. financial system.

This trend reinforces a powerful feedback loop: more liquidity boosts legitimacy, which in turn draws further inflows.

As traditional financial giants like BlackRock bring scale, compliance, and trust, they are not just entering the crypto space — they are redefining it.