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.