Options related to cryptocurrencies are experiencing significant growth in U.S. markets, with contracts linked to BlackRock’s bitcoin ETF (IBIT) making their way into the top 10 U.S. options less than a year after their launch.
As of Tuesday, there were 7,714,246 active IBIT contracts, representing the ninth highest total of options associated with U.S.-listed stocks, ETFs, and indices, according to optioncharts.io. Among stocks alone, IBIT options occupy the second position in open interest.
BloFin Research indicated that the increasing interest in IBIT options reflects bitcoin’s status as a key macro asset.
“The open interest in IBIT options has reached ninth place in the U.S. market. Including Deribit’s open interest, it competes with VIX and SPY options, further confirming its popularity as a macro asset,” the research firm shared with CoinDesk.
IBIT options were introduced in November 2024, providing an effective risk management tool for ETF holders and access to regulated options for institutions. Since then, traders have utilized these options for hedging, speculating, and generating yield through strategies like covered calls.
Options are derivative contracts granting buyers the right to purchase or sell the underlying asset at a specified price at a later date. A call option provides the right to buy, while a put option gives the right to sell.
More Active than Gold ETF Options
IBIT options have been more actively traded than the SPDR gold ETF options, even as gold prices rose by 50% this year, outperforming Bitcoin’s small drop of -0.1%.
On Tuesday, the open interest for SPDR Gold Shares ETF options was 5,151,654 contracts, lagging significantly behind IBIT.
IBIT also outperformed options linked to technology giants like Intel, Apple, Netflix, Amazon, and Tesla, as well as ETFs associated with emerging markets and 20-year Treasury notes.
Additionally, the open interest (OI) for Nasdaq-listed IBIT options exceeded that of bitcoin options on Deribit, a leading platform in crypto options, at the end of September.
Meanwhile, S&P 500 and Nvidia options dominated the industry on Tuesday with open interest surpassing 20 million contracts each.
