Overview

• Open interest in options tied to BlackRock’s iShares Bitcoin Trust reached nearly $38 billion after Friday’s expiry, surpassing roughly $32 billion on Deribit, according to Bloomberg and Deribit data.
• IBIT’s options launched in November 2024 and the fund now holds about $84 billion in assets, illustrating a rapid shift of derivatives activity toward a U.S.-listed ETF.
• An Unchained analysis by James Check reports options have become the largest Bitcoin derivatives instrument by open interest and highlights SEC 13F disclosures that enable shorting, hedging and arbitrage via ETF options.
• Since January 2024, IBIT has drawn about $61 billion in net inflows and now accounts for roughly 57.5% of Bitcoin ETF assets, with around $0.40 of options open interest per $1 of bitcoin it holds; Fidelity’s FBTC has about $1.3 billion in related options OI.
• XBTO’s George Mandres told Bloomberg that Wall Street participation is tightening spreads and deepening liquidity, while Deribit—acquired by Coinbase for about $2.9 billion in August—remains a key venue for crypto‑native traders.