BlackRock IBIT Options Open Interest Surpasses Deribit for the First Time, Accelerating Bitcoin Institutionalization

Odaily reported that the open interest (OI) of options for BlackRock's spot Bitcoin ETF, IBIT, rose to $27.61 billion on Friday, surpassing for the first time the $26.9 billion on the crypto derivatives platform Deribit's Bitcoin options market.

According to data from Volmex, the call options on IBIT are primarily betting on Bitcoin's price rising to $109,709 in the short term, about 41% higher than the current level of approximately $77,400. Meanwhile, the Deribit market mainly expects Bitcoin to rise to around $106,000. At the same time, the average expiration date of IBIT options is about two months longer than that of Deribit, indicating that investors in the US regulated market have a stronger preference for long-term holding and a more bullish sentiment, further highlighting the accelerating trend of institutionalization in the Bitcoin market. (CoinDesk)