BlackRock’s iShares Bitcoin Trust (IBIT) has officially become the biggest bitcoin options venue, surpassing Deribit. This is a big deal for the world of bitcoin derivatives, as Wall Street’s influence is now clearly extending into an area that was once the domain of offshore exchanges.

According to Bloomberg, open interest in options on IBIT hit nearly $38 billion after the last contract expiry. Deribit was at about $32 billion.

That’s a huge jump, considering IBIT only launched options trading in November 2024 and Deribit has been the go-to exchange for bitcoin derivatives since 2016.

IBIT’s growth has been historic. By mid-2024, the ETF had already reached $70…

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