BlackRock’s IBIT Overtakes Deribit in Bitcoin Options Race
- IBIT’s Bitcoin options open interest hits $38 billion, surpassing Deribit’s $32B. billion
- IBIT achieved $70 billion AUM in 341 days, while the gold ETF GLD took 1,691 days.
- BlackRock’s Global Allocation Fund boosted Bitcoin holdings by thirty-eight percent.
BlackRock’s spot Bitcoin ETF, IBIT, has overtaken Deribit as the largest Bitcoin options trading venue. IBIT’s open interest reached $38B, compared to Deribit’s $32B. The ETF holds $87.6 billion in assets and is the leading Bitcoin fund by capital.
IBIT’s Rapid Ascent in Global Markets
IBIT started options trading in November 2024. Yet, it has already managed to overshadow Deribit, which has been the home to Bitcoin derivatives since 2016. Such a rapid rise highlights the shift in market leadership toward regulated products preferred by institutional investors.
In an industry first for ETFs, the ETF hit $70 billion AUM in 341 trading days. By comparison, SPDR Gold Shares (GLD) required 1,691 days to achieve the same milestone, while funds such as VOO and IEMG took nearly 2,000 days.
In July, IBIT crossed $80 billion AUM in 374 days, almost five times faster than Vanguard’s S&P 500 ETF, which needed 1,814 days. Today, IBIT has surpassed $87 billion, making it the largest Bitcoin ETF globally.
Wall Street’s Expanding Bitcoin Exposure
Through various investment products, BlackRock has been increasingly entering into Bitcoin. The $17.1 billion Global Allocation Fund increased its Bitcoin holdings by 38%, buying over 1,000,000 shares of IBIT for $66.4 million in July 2025.
The firm had also filed for another premium income ETF, aiming to generate yield by selling covered calls on its IBIT holdings. This clearly marks a line from Wall Street in positioning Bitcoin as a standard yield-generation vehicle, much like a traditional equity.
IBIT’s cost structure is a key reason for its remarkable success. The fund carries a 0.25% expense ratio, which has been temporarily lowered to 0.12% for initial inflows. This competitive price helped it gain a quick advantage among institutional investors, making IBIT the fastest-growing ETF in the history of the ETF industry.
Related: Fidelity FDIT Hits $200M, Rival BlackRock BUIDL Fund
Shifting Dynamics in Crypto Derivatives
Anything beyond the mere numbers about IBIT overtaking Derbit is that it signals a change in where liquidity is concentrated. Offshore platforms have begun to face increasing headwinds, while regulated ETFs offer custody safeguards, transparency, and compliance that meet the needs of large investors.
This shift also shows greater structural changes. While spot Bitcoin ETFs emerge and global regulatory oversight tightens, traders are increasingly looking for instruments that balance crypto-native innovation with the security offered by traditional financial protections. IBIT’s ascent signifies the institutionalization of Bitcoin derivatives.
What the shift may affect is perhaps wider for Bitcoin itself. A regulated derivatives market, backed by institutional sponsors, could promote broader integration with the global financial system and contribute to reduced volatility
With IBIT now leading in both open interest and trading volume, traditional finance is actively participating in the crypto derivatives market. IBIT is setting the pace in Bitcoin derivatives, marking the beginning of a new chapter in cryptocurrency markets.
