BlackRock's iShares Bitcoin Trust (IBIT) has achieved a significant milestone, with its options open interest surpassing that of the offshore giant Deribit. This development on Friday, amounting to $27.61 billion in IBIT options versus $26.90 billion on Deribit, underscores the rapid institutionalization of the U.S. bitcoin market.
This surge indicates that regulated, institutional-grade bitcoin derivatives infrastructure in the U.S. is now on par with, and potentially exceeding, offshore markets. Analysts view this as a positive for the broader crypto derivatives ecosystem, providing U.S. retail investors with direct access to regulated leverage and options exposure. The iBIT options market exhibits a slightly more bullish outlook, with open interest suggesting expectations of a rally to $109,709, compared to Deribit's $106,000. Furthermore, IBIT options tend to have longer expiry dates, reflecting a more patient, long-term investor base compared to the tactical offshore positioning.