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BlackRock’s IBIT Options Open Interest Tops Deribit in Bitcoin Market

Data in the report shows BlackRock’s IBIT options reached $27.61 billion in open interest, surpassing Deribit’s $26.9 billion and signaling stronger U.S. demand for regulated, longer-dated Bitcoin exposure.

BTC

Summary

BlackRock’s iShares Bitcoin Trust (IBIT) options market overtook Deribit on Friday, with reported open interest of $27.61 billion versus Deribit’s $26.9 billion, marking a notable shift in Bitcoin derivatives activity toward a regulated U.S. venue. The move points to faster institutional uptake of exchange-listed crypto derivatives, as investors appear to favor BlackRock’s spot Bitcoin ETF options over the offshore crypto-native market. According to the report, IBIT positioning implies a Bitcoin target of $109,709 from around $77,400, compared with roughly $106,000 in Deribit pricing, while IBIT options also carry an average expiry about two months longer, indicating demand for longer-duration bullish exposure.

Terms & Concepts
  • Open interest: The total number of outstanding derivatives contracts that have not been closed or settled, often used to gauge market participation and liquidity.
  • IBIT options: Options contracts linked to BlackRock’s iShares Bitcoin Trust, allowing investors to gain or hedge exposure to the fund under set terms.
  • Spot Bitcoin ETF: An exchange-traded fund that directly tracks Bitcoin’s market price, allowing investors to gain exposure through traditional stock-market infrastructure.