Bitcoin IBIT Hits 27.6B Overtaking Deribit

BlackRock’s iShares Bitcoin Trust (IBIT) options on Nasdaq reached $27.61 billion in open interest, overtaking Deribit’s $26.90 billion and signaling a structural shift toward regulated U.S. markets. The rapid rise — IBIT closed the gap in about two years versus Deribit’s activity since 2016 — reflects easier access for retail and institutional investors via traditional brokers and growing demand for regulated derivative exposure. Positioning differs across venues: IBIT option strikes cluster near $109,709 (≈41% above current BTC levels) with longer-dated maturities (notably Oct 2026), while Deribit shows more near-term, tactical bets (around Aug). Higher implied volatility on IBIT is driven by put demand from ETF holders who can’t short the underlying directly. The development suggests deeper liquidity, evolving hedging behavior, and increased institutionalization of bitcoin markets, with potential long-term effects on volatility, price discovery and mainstream adoption.