Overview

• Open interest in options tied to IBIT reached nearly $38 billion after Friday’s expiry, surpassing Deribit’s roughly $32 billion, according to Bloomberg and Deribit data.
• IBIT is the largest Bitcoin ETF with about $84 billion in assets under management, reinforcing a feedback loop between inflows and options liquidity.
• Analysts report that the November 2024 launch of options on spot Bitcoin ETFs accelerated IBIT’s inflows and market share.
• Traders say Wall Street participation is tightening spreads, deepening liquidity, and could temper extreme swings in Bitcoin’s volatility.
• Deribit remains a key venue for crypto‑native users and was acquired by Coinbase for approximately $2.9 billion in August.