BlackRock's Bitcoin ETF hits historic milestone against Deribit

The bitcoin market is changing dimensions. Indeed, BlackRock's ETF has just overtaken a historic player in crypto derivatives, marking a turning point in the organization of the sector. This overtaking is not a simple record, but it reflects rapid progress in regulated markets compared to offshore platforms. This development redefines balances and confirms the anchoring of bitcoin in traditional finance.

IBIT overtakes Deribit: a historic shift towards regulated finance

The bitcoin derivatives market crossed a symbolic threshold on Friday, when options linked to BlackRock's iShares Bitcoin Trust ETF (IBIT) surpassed those of Deribit, a historic player in the sector. Open interest for Nasdaq-listed IBIT options reached $27.61 billion, compared to $26.90 billion for Deribit's bitcoin options.

This shift attracts attention because of its speed. BlackRock's ETF has closed the gap with a platform in operation since 2016 in just two years. This progression reflects a profound change in access to crypto derivatives products, now more anchored in regulated infrastructures.

Such a development is partly explained by the opening of the American market to a new category of investors. Options, which allow you to buy or sell an asset at a predetermined price, play a central role in hedging and speculation strategies.

Open interest, a reference indicator for measuring the size and liquidity of a market, here reflects an increase in flows on products accessible via traditional brokers. Sidrah Fariq, manager at Deribit, underlines this point: “US retail investors cannot access platforms like Deribit, so options on the iShares Bitcoin Trust (IBIT) provide them direct access to leverage and options exposure within a regulated framework”.

Here are some key elements:

• IBIT Options Open Interest Reached $27.61 Billion;
• Deribit Bitcoin Options Show $26.90 Billion;
• IBIT caught up with Deribit in just two years, compared to a business launched in 2016;
• This dynamic illustrates the rise of regulated crypto derivatives products in the United States.

Distinct market dynamics between regulated and global investors

Beyond this record, the analysis of positions reveals marked differences in investors' expectations. The data shows that IBIT options are pricing in more optimistic scenarios, with a concentration of positions suggesting bitcoin near $109,709, about 41% above current levels.

Conversely, positions observed on Deribit anticipate a more moderate progression around $106,000. This divergence reflects distinct investor profiles. According to Volmex, “the open interest of call options on regulated markets is positioned approximately 4 percentage points further out of the money than on offshore platforms”reflecting greater exposure to bullish scenarios on regulated markets.

Behavior also differs over the investment horizon. IBIT options favor longer maturities, notably around October 2026, while positions on Deribit focus more on shorter maturities, such as August.

This structure suggests a more patient approach to investors via the ETF, versus more tactical management on crypto platforms. Volmex emphasizes that “IBIT options have longer maturities of around two months on average, weighted by open interest”which reflects the nature of the underlying portfolios.

Additionally, the higher implied volatility on IBIT is explained by increased demand for protection via put options, as ETF holders cannot easily take direct short positions.

This development creates a two-speed market, where regulated and offshore infrastructures coexist without replacing each other. Sidrah Fariq also insists on this complementarity: “I don’t see it as competition. On the contrary, it expands the market”.

As institutional investors take ownership of these tools, the depth and sophistication of the bitcoin market could increase, promoting better price formation. This trajectory indicates a gradual integration of bitcoin into the standards of global finance, with lasting implications on its volatility, its accessibility and its role in global portfolios.