BlackRock Inc.’s iShares Bitcoin Trust (IBIT) has overtaken Coinbase Global Inc.’s Deribit platform, becoming the largest marketplace for Bitcoin options in the world.
After the contract expiry on Friday, the open interest in options associated with the Nasdaq-listed IBIT reached almost $38 billion, while Deribit had $32 billion, according to Bloomberg.
Established in 2016, Deribit had long been the leading platform for Bitcoin derivatives. Conversely, IBIT only commenced options trading in November 2024, making its swift rise particularly remarkable.
In June of this year, IBIT set a new record in the ETF landscape, surpassing $70 billion in assets under management (AUM) within just 341 trading days — the quickest ever for any ETF to reach that milestone.
For comparison, SPDR Gold Shares (GLD) took 1,691 days to achieve the same figure, while major ETFs such as VOO, IEFA, and IEMG required between 1,700 and 2,000 days.
Later in July, IBIT reached $80 billion AUM in only 374 days — nearly five times faster than Vanguard’s S&P 500 ETF, which took 1,814 days.
The rapid growth of the ETF coincided with the Bitcoin surge at that time.
U.S.-based regulation
This transition indicates a broader structural change in cryptocurrency markets. While offshore derivatives platforms have traditionally thrived on leverage and high-risk trading, the focus is shifting toward regulated, U.S.-based venues.
IBIT, currently the largest Bitcoin ETF with $84 billion in assets, is benefiting from a positive feedback loop: increased options liquidity boosts credibility, drawing in more capital and further enhancing the market.
Despite this shift, Deribit — acquired by Coinbase for about $2.9 billion in August — maintains a strong following among crypto-native traders.
The ongoing popularity of the platform underscores that while Wall Street is increasing its influence, offshore and decentralized markets remain essential for speculative and experimental trading.
