Since November, Bitcoin (BTC) has been fluctuating within a tight range of $80,000 to $95,000. This stability has led to the rise of options trading as the most significant part of the derivatives market, indicating that the cryptocurrency sector is maturing.
Data from Checkonchain reveals that the total open interest in Bitcoin options has reached an impressive $65 billion. In comparison, futures contracts—another form of derivative—show an open interest valued at $60 billion. Notably, since July 2025, open interest in options has consistently surpassed that of futures.
Options are specialized financial instruments allowing holders to buy or sell assets at predetermined prices before a specified expiration date without any obligation. These contracts are particularly popular among institutional investors for hedging and managing volatility risks while contributing to more stable market environments. The growing preference for options over futures signifies a shift from speculative leverage towards strategies focused on risk management and volatility control.
In October when Bitcoin peaked at an all-time high of $126,000, the open interest in options surged close to $120 billion but subsequently declined towards year-end due mainly to contract expirations. During this timeframe, Bitcoin’s value dropped by 35%, leading futures open interest to decrease from approximately $94 billion as leveraged positions were liquidated.
The landscape of Bitcoin options trading is increasingly influenced by BlackRock’s iShares Bitcoin Trust ETF (IBIT). According to Checkonchain data, IBIT now constitutes about $33 billion in open interest for options contracts—marking a historic high with 52% share in the overall market.
The IBIT option contracts commenced trading in November 2024; recently Nasdaq ISE sought approval for raising position limits from 250,000 contracts up to one million—a clear indication of robust institutional demand.
Following the introduction of IBIT options into the marketplace, Deribit—a platform primarily focused on crypto derivatives—has experienced a decline in its market share. Currently holding around $26 billion in open interests for options trades down from nearly $43 billion prior to year-end expirations; Deribit’s dominance fell below 39%, significantly down from over 90% five years ago according to Checkonchain data.
Meanwhile Bullish Exchange has quickly risen past $3 billion regarding notional bitcoin option interests after just several months post-launch. As a sister company under CoinDesk’s umbrella it now ranks second only behind Deribit while surpassing competitors like OKX and Binance along with CME within bitcoin option transactions.