BlackRock's IBIT options open interest surpasses Deribit for the first time, accelerating Bitcoin institutionalization

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

According to Volmex data, the call options positions in IBIT are primarily betting on Bitcoin's short-term price rising to $109,709, about 41% higher than the current level of approximately $77,400. Meanwhile, the Deribit market mainly expects Bitcoin to rise to around $106,000. Additionally, IBIT options have an average time to expiration roughly two months longer than those on Deribit, indicating that investors in the regulated U.S. market prefer longer-term holdings and exhibit stronger bullish sentiment. This further highlights the accelerating trend of institutionalization in the Bitcoin market. (CoinDesk)