BlackRock’s iShares Bitcoin Trust (IBIT) options reached a major milestone on Friday, with open interest on Nasdaq surpassing the total bitcoin options trading on the offshore exchange Deribim, according to data tracked by Volmex.
The dollar value of active IBIT options contracts hit $27.61 billion, edging out Deribit’s $26.90 billion. This shift signals rapid institutional adoption of regulated crypto derivatives within the United States.
According to CoinDesk, the growth of IBIT options is particularly notable given that Deribit has been the dominant player in the market since 2016. The closing of this gap in just two years suggests the U.S. regulated infrastructure is no longer secondary to offshore markets.
Sidrah Fariq, Deribit's Global Head of Retail Sales and Business, told CoinDesk that the rise of IBIT is a net positive for the broader ecosystem. She noted that U.S. retail investors cannot access platforms like Deribit, meaning IBIT options provide direct access to regulated leverage.
"This is further supported by the current macro environment with supply chain uncertainty, energy shocks, and broader geopolitical risks, which naturally drives demand for hedging and options strategies," Fariq said.
Divergent market strategies
While the scale of the two markets is now similar, the underlying trader sentiment differs. Volmex reports that IBIT call options are concentrated at strike prices implying Bitcoin could reach $109,709, roughly 41% above the current market price of $77,400.
In contrast, Deribit positioning is more measured, with expectations of a rally to $106,000. Volmex noted that onshore IBIT flows are dominated by retail upside speculation and systematic call overwriting programs.
ETF holders also appear to be more patient than offshore traders. Analysis shows IBIT options favor October 2026 expiries, whereas Deribit activity is dominated by August expiries. Volmex stated this suggests a difference in holder bases: longer-horizon ETF investors onshore versus more tactical positioning offshore.
Implied volatility for IBIT is also higher than that of Deribit. Volmex attributes this premium to a structural factor: because ETF holders cannot easily short bitcoin directly, they rely on buying put options as their primary hedge.
Fariq does not view the rise of U.S. regulated options as a threat to offshore exchanges. "I don’t see this as competition. If anything, it expands the market," she told CoinDesk.
