Historic Breakthrough: IBIT Options Volume First Surpasses Deribit, Institutions Accelerate Bets on BTC Rise

BlackRock's Bitcoin Spot ETF iShares Bitcoin Trust (IBIT) open interest has risen to approximately $27.61 billion, surpassing the crypto derivatives platform Deribit's $26.9 billion for the first time.
Market structure shows a clear change:

IBIT call options mainly bet on BTC hitting around $109,709 in the short term (+41% from current price)

Deribit market consensus expects around $106,000

IBIT options have an average expiration time about two months longer than Deribit

Structurally, this signals a key message:
Regulated markets in the U.S. are more inclined toward "long-term + trend-following bullishness," rather than short-term trading.
This is not just a scale surpassing, but a change in the composition of market participants—traditional financial capital is becoming an important shaper of price expectations.
In the crypto market, what truly matters is not volatility itself, but who is defining the future price.
When long-term capital begins pricing the future, the importance of short-term noise will gradually diminish.