Regulated bitcoin derivatives in the U.S. are gaining ground as options tied to BlackRock's iShares Bitcoin Trust surpass the size of the offshore Deribit market in open interest, a sign of accelerating institutional adoption of exchange-listed crypto products.
"U.S. retail can't onboard platforms like Deribit, so iShares Bitcoin Trust (IBIT) options give them direct access to regulated leverage and options exposure," Sidrah Fariq, Deribit's Global Head of Retail Sales and Business, told CoinDesk, describing the growth as a net positive for the crypto derivatives ecosystem.
On Friday, the dollar value of open or active IBIT options contracts on Nasdaq reached $27.61 billion, edging past the $26.90 billion in Deribit's bitcoin options, according to data tracked by decentralized crypto volatility protocol Volmex. The crossover is notable because IBIT options closed a gap in roughly two years that Deribit has held since 2016, suggesting the U.S. regulated institutional-grade infrastructure for bitcoin investing and derivatives is no longer trailing offshore venues.
This milestone indicates that the regulated, institutional-grade bitcoin investment and derivatives infrastructure in the U.S. is no longer second fiddle to the offshore market. Moreover, a booming, regulated market in the U.S. could embolden more Wall Street institutions to explore digital assets, ultimately leading to more mature price discovery.
While the two markets now match each other in scale, they are positioned differently, revealing a lot about trader sentiment in each. According to Volmex, the bulk of open interest in IBIT call options points to expectations of an ETF rallying to levels equivalent to BTC trading at $109,709 in the near-term. Positioning in Deribit options is bullish but slightly more measured, suggesting expectations of a rally to $106,000.
Analysis of activity across both markets suggests that, on average, October 2026 expiries are preferred in IBIT, while August expiries dominate on Deribit. This indicates longer-horizon positioning by ETF investors compared with more tactical offshore trading. Volmex also notes that IBIT’s implied volatility remains higher than comparable volatility derived from Deribit bitcoin options, attributing the premium to the limited ability of ETF holders to short bitcoin directly, which increases demand for put options as a hedge.
This article is for informational purposes only and does not constitute investment advice.
