- •IBIT hits $38B in Bitcoin options open interest
- •Deribit falls to second with $32B OI
- •Signals major institutional shift in crypto markets
BlackRock’s IBIT has officially overtaken Deribit as the top venue for Bitcoin options trading, reaching a record $38 billion in open interest (OI), according to Bloomberg. This marks a significant shift in the landscape of crypto derivatives, as Deribit, a long-time leader in the space, now sits at $32 billion in OI.
Open interest refers to the total number of outstanding derivatives contracts, such as options or futures, that have not been settled. It’s a key indicator of market participation and liquidity. BlackRock’s jump to the top reflects a massive inflow of institutional capital into regulated crypto products.
This milestone highlights a growing trend: traditional finance giants are rapidly capturing market share in crypto, signaling rising trust and demand for more regulated, transparent trading platforms.
BlackRock’s Rise Reflects Growing Institutional Trust
BlackRock’s iShares Bitcoin Trust (IBIT) is benefiting from strong investor confidence. Unlike Deribit, which primarily serves retail and offshore institutional traders, IBIT is based in the U.S. and operates under tighter regulatory frameworks. This gives large institutions — such as hedge funds, asset managers, and family offices — a more secure and compliant way to gain exposure to Bitcoin options.
The surge in IBIT’s open interest shows how institutional capital is flowing into crypto through trusted Wall Street names. It’s not just about higher numbers — it’s a signal of maturity for the crypto options market.
NEW: BlackRock's IBIT flips Deribit as top Bitcoin options venue with nearly $38B in open interest compared to Deribit's $32B, per Bloomberg. pic.twitter.com/GN57Ah9Lak
— Cointelegraph (@Cointelegraph) September 30, 2025
Deribit’s Role Remains Strong — But Faces Pressure
While Deribit still holds a sizable market share and remains popular among active traders, the platform may need to adapt as U.S.-based competitors like IBIT gain ground. The pressure is on offshore exchanges to evolve or potentially lose their dominance.
This latest development reflects the growing convergence between traditional finance and digital assets, where regulatory clarity and institutional backing are becoming key drivers of market dominance.