On September 29, 2025, iconic news came from the New York market: the total amount of open contracts for BlackRock's iShares Bitcoin Trust (IBIT) related options products reached $38 billion, officially surpassing the $32 billion of the offshore platform Deribit, becoming the world's largest Bitcoin options trading venue.
This surpassing is not only a victory for individual products but also signifies that the dominance of the Bitcoin options market is shifting from offshore to the strictly regulated Wall Street platform, significantly accelerating the pace of institutional investor entry.
I. Compliance-driven growth, reshaping the market landscape
The explosive growth of IBIT options is rooted in its vast spot base.
Since the US SEC approved Bitcoin spot ETFs in 2024, IBIT has become the industry leader.
It has attracted more than $84.6 billion in asset management scale, providing solid underlying assets and customer bases for the derivatives market.
The strong demand from institutional investors is a direct driving force. In a volatile market environment, they urgently need compliant and efficient risk hedging and asset allocation tools.
IBIT options operate under a clear regulatory framework from the SEC and CFTC, equipped with full margin and real-time clearing guarantees, precisely meeting this demand.
Larry Fink, CEO of BlackRock, has had his judgment that 'crypto assets are going mainstream' validated.
This change has completely reshaped the market landscape.
Previously, offshore platforms represented by Deribit relied on high leverage and flexibility, mainly serving retail investors and some hedge funds, but the lack of regulation has always been a concern.
In 2025, global regulatory tightening will create opportunities for traditional exchanges like CME and Nasdaq, as well as regulated products like IBIT.
Data shows that in the last week of September, the trading volume of IBIT options increased by 25% month-on-month, with an average daily nominal trading volume exceeding $5 billion.
The market is undergoing structural migration. Analysts expect that by 2026, the share of regulated options markets will rise from the current 45% to 65%.
II. Institutional Behavior Change, Derivatives Become Mainstream Allocation Tools
In 2025, the allocation behavior of institutions towards Bitcoin derivatives will undergo a qualitative change.
EY's global survey shows that 55% of the surveyed institutions have ventured into crypto options, an increase of 18 percentage points from 2024; the average allocation ratio for pension funds and hedge funds reaches 2.5% of their asset portfolios.
This trend stems from the self-maturation of the Bitcoin market: its price fluctuates between $70,000 and $95,000, with volatility dropping to 80% of the historical average, making it more feasible to use derivatives for risk management.
It is worth noting that this round of institutional inflow focuses more on long-term holding and strategic allocation rather than short-term speculation, giving the market greater resilience.
The report points out that institutional funds contributed 42% of the total trading volume of crypto derivatives, with giants like Goldman Sachs and JPMorgan managing substantial Bitcoin risk exposure through channels like IBIT.
III. Financialization Deepens, Future Challenges and Opportunities Coexist
IBIT's lead will push the financialization of Bitcoin into a new stage.
The deepening of the options market has spawned innovative products such as structured notes and index-linked bonds. It is estimated that by 2025, the total trading volume of global crypto derivatives will reach $15 trillion, with options contributing 30%.
However, challenges follow.
Global regulatory coordination remains the biggest pain point, and the friction between the EU MiCA framework and US regulations regarding cross-border clearing urgently needs resolution.
The risk of market manipulation is also not far away; the CFTC has initiated special reviews of offshore platforms.
There is a widespread call in the industry to establish global unified standards to prevent risks from accumulating in a fragmented market.
Looking ahead, innovation in derivatives is seen as the key driver to push Bitcoin's market value to $10 trillion.
The successful paradigm of IBIT is expected to attract more traditional asset management giants like Fidelity and Vanguard to follow suit.
Bitcoin is completing its transformation from 'fringe experiment' to 'core financial infrastructure', and the continuous entry of institutions will be the most solid driving force in this process.
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