IBIT Options Surge as Crypto Derivatives Gain Major Momentum in U.S. Markets

Options linked to cryptocurrencies are seeing explosive growth across U.S. markets, with BlackRock’s spot bitcoin ETF (IBIT) rapidly emerging as a dominant force. In just over a year since launch, IBIT options have broken into the top 10 most-active U.S. options list, highlighting mainstream demand for bitcoin exposure through regulated financial products.

Data from optioncharts.io shows that as of Tuesday, total open interest in IBIT options reached 7,714,246 contracts, ranking ninth among all U.S.-listed stocks, ETFs, and indices. When isolating stocks, IBIT options now hold the second-highest open interest, reflecting strong institutional participation and rising retail interest in bitcoin derivatives.

Analysts say the surge underscores bitcoin’s growing appeal as a macro asset. According to BloFin Research, IBIT’s soaring open interest places it alongside major U.S. benchmarks. The firm noted that when factoring in Deribit—crypto’s largest options exchange—IBIT’s combined open interest rivals major legacy products like VIX and SPY options, reinforcing its status as a preferred vehicle for bitcoin-based trading strategies.

Launched in November 2024, IBIT options provide a regulated avenue for hedging, speculation, and income generation strategies such as covered calls. Traders increasingly rely on these derivatives to manage exposure as bitcoin continues to integrate into traditional financial markets.

Remarkably, IBIT options have even outpaced activity in the SPDR Gold Shares ETF, despite gold’s impressive 50% rally this year compared to bitcoin’s slight decline. Gold ETF options recorded 5,151,654 open contracts on Tuesday—well below IBIT’s tally. Major tech names like Apple, Amazon, Tesla, Intel, and Netflix also trail IBIT in options activity, as do ETFs tied to emerging markets and long-duration U.S. Treasury notes.

IBIT options open interest also surpassed bitcoin options on Deribit at the end of September, signaling a shift toward U.S.-regulated venues for institutional crypto derivatives trading. While S&P 500 and Nvidia options continue to dominate overall with more than 20 million open contracts each, IBIT’s rapid rise marks a significant milestone in the maturation of crypto markets and the growing adoption of bitcoin-based investment tools.