BlackRock’s iShares Bitcoin Trust (IBIT) has officially surpassed Coinbase-owned Deribit to become the largest venue for Bitcoin options trading. Open interest in IBIT options now stands at nearly $38 billion, compared with $32 billion on Deribit, following Friday’s contract expiry. This milestone comes less than a year after IBIT options launched in November, marking a major turning point for crypto markets.

The shift signals a structural transformation as Bitcoin activity moves from offshore, leverage-driven platforms to the regulated core of Wall Street. IBIT, already the world’s largest Bitcoin ETF with $84 billion in assets, is fueling a reinforcing cycle of growth. More liquidity strengthens legitimacy, which draws in fresh institutional inflows. Traders note that Wall Street’s entry is tightening spreads, deepening liquidity, and reducing extreme volatility in the crypto space.

Analysts caution, however, that offshore venues like Deribit will remain central to innovation and higher-risk strategies. Still, the new leadership underscores the growing dominance of traditional finance in shaping the future of Bitcoin.

Bloomberg