The cryptocurrency market is undergoing a milestone transformation. Recent data shows that the value of open contracts related to BlackRock's Bitcoin ETF (IBIT) has reached $38 billion, surpassing the $32 billion of long-time market leader Deribit for the first time. Considering that the IBIT options product was launched less than a year ago, this achievement is even more significant.

This significant change reflects a major shift in the behavior patterns of institutional investors. Traditional financial institutions are increasingly inclined to trade on regulated platforms. IBIT options are listed on Nasdaq, providing institutional investors with compliant risk hedging tools. For example, institutions can generate additional income on their held spot assets by selling covered call options. Notably, BlackRock is also preparing an income-generating ETF based on this strategy. Currently, the daily trading volume of IBIT options stabilizes at $4-5 billion, and the increase in liquidity creates a virtuous cycle with the growth in market depth.

Deribit has dominated the Bitcoin options market since 2016. However, its position being surpassed means that the encryption market is undergoing profound changes. The market focus is shifting from offshore platforms to the U.S. mainland, leaning from cryptocurrency native players to Wall Street institutions. This is not just a transfer of trading volume, but a fundamental change in market structure. In the future, the price discovery center for encryption derivatives may increasingly concentrate in the U.S. market.

This trend is undoubtedly good news for compliant platforms like Coinbase, but it poses great pressure on offshore platforms. The focus of market competition is no longer limited to products and rates, but has expanded to a comprehensive competition in compliance, security, and institutional services. This shift indicates that the cryptocurrency market is evolving towards a more mature and regulated direction, and it also suggests that more traditional financial institutions may participate in this emerging market in the future.