Bitcoin options are eating the derivatives market, Bybit and Glassnode report finds

A joint research report titled "The State of Crypto Derivatives" by Bybit and Glassnode indicates a significant structural evolution within the crypto derivatives market, driven by Bitcoin options capturing an expanding share of overall derivatives trading throughout 2026. The findings illustrate a structural shift in how market participants position their portfolios, moving beyond traditional futures. To capture this growing market segment, Glassnode expanded its options analytics toolkit fourfold in Q4 2025, increasing from 10 to 40 distinct metrics. These measurements cover major exchanges such as Bybit, Deribit, and OKX, offering deeper visibility into open interest breakdowns, premium flows, and gamma exposure. The growing dominance of Bitcoin options and more granular derivatives metrics provides market participants with enhanced transparency into institutional hedging, speculative appetite, and potential volatility catalysts. Tracking metrics like gamma exposure helps traders anticipate potential price amplification or dampening effects around key strike levels.