# BlackRock's IBIT Overtakes Deribit to Dominant BTC Options Markets

*Author: Bankless*
*Published: Oct 3, 2025*
*Source: https://www.bankless.com/read/news/blackrocks-ibit-overtakes-deribit-derivatives*

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BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Deribit as the largest platform for bitcoin options trading, underscoring how institutional capital and regulated products are reshaping the crypto derivatives landscape.

### What’s the Scoop?
- **New Market Leader:** IBIT’s open interest registered $38B after last week's expiry, surpassing Deribit’s $32B. The shift comes less than a year after IBIT launched options in November 2024.
- **Institutional Pull:** Already the largest spot bitcoin ETF with $84B AUM, IBIT is now anchoring options flows, pulling liquidity into regulated U.S. markets that historically trailed offshore venues.
- **Deribit’s Position:** Deribit – the dominant crypto options player since 2016 – was acquired by Coinbase for $2.9B in August. While Deribit remains popular among crypto-native traders, IBIT’s surge suggests a structural shift towards Wall Street venues and increasing popularity for U.S. crypto derivatives markets.
- **Market Concentration:** IBIT and Deribit together control almost 90% market share of bitcoin options open interest, leaving little share for other exchanges.

> [$IBIT](https://twitter.com/search?q=%24IBIT&src=ctag&ref_src=twsrc%5Etfw) has surpassed Coinbase's Derbit platform as the largest venue for bitcoin options with $38b in open interest.  I told y'all ETFs are no joke.. Fat crypto margins in trouble. Nice find by [@sidharth_shukla](https://twitter.com/sidharth_shukla?ref_src=twsrc%5Etfw) [pic.twitter.com/LUcnpW5g4I](https://t.co/LUcnpW5g4I)— Eric Balchunas (@EricBalchunas) [October 2, 2025](https://twitter.com/EricBalchunas/status/1973831223316217921?ref_src=twsrc%5Etfw)
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