Overview
- Open interest tied to IBIT climbed to nearly $38 billion after Friday’s expiry, topping Deribit at about $32 billion.
- IBIT now accounts for roughly 45% of global BTC options open interest versus 41.9% for Deribit, with CME near 6%, concentrating almost 90% of activity in the top two venues.
- Checkonchain data show a 45% ETF leverage ratio, with IBIT holding about 770,000 BTC and options open interest representing around 340,000 BTC.
- IBIT’s options, launched in November 2024, helped accelerate dominance alongside about $61 billion in net inflows and a reported 57.5% share of bitcoin ETF assets.
- Market participants cite tighter spreads and deeper liquidity as Wall Street’s role grows, while Deribit—acquired by Coinbase for roughly $2.9 billion in August—remains a mainstay for crypto‑native traders.