Something just caught my attention that shows how much the Bitcoin market has changed. The options on BlackRock's Bitcoin ETF – the IBIT – have surpassed Deribit's entire options volume for the first time on Friday. That’s actually a big deal when you consider that the IBIT has only been around for two years, while Deribit has been in the market since 2016.

The numbers are impressive: open interest in IBIT options was around $27.61 billion, while Deribit reached $26.90 billion. To me, this mainly shows one thing – the regulated crypto ETF market in the U.S. is finally being taken seriously. It’s no longer just a fringe phenomenon alongside offshore trading.

What interests me most is the different positioning. For IBIT, the call open interest is concentrated around strike prices of about $109,700, roughly 41 percent above the current BTC price of just under $81,000. This indicates that retail investors trading through ETF channels are more bullish and speculating upward. On Deribit, the positioning is more conservative – calls are focused around $106,000. That makes sense: the institutional traders there are more tactical.

Another important point is the expiration dates. IBIT options are held on average until October 2026, while Deribit traders prefer August expiries. This shows that ETF investors are thinking long-term, while offshore traders are more short-term oriented.

Regarding implied volatility, IBIT is slightly higher – this is because ETF holders cannot simply short Bitcoin directly, so they buy put options for hedging. This drives demand and slightly increases volatility.

Deribit itself sees this positively. Sidrah Fariq told me that this isn’t seen as competition, but rather as expanding the market. U.S. retail investors can’t use Deribit anyway, so IBIT offers them direct access to regulated leverage and options engagement. This broadens the overall crypto ETF ecosystem.

What’s interesting to me: the more people start trading options through IBIT, the more expertise develops in the broader market. Ultimately, this benefits everyone – even Deribit benefits from higher overall trading volume and better market competence. It’s essentially a win-win for the entire ecosystem. The rise of the regulated crypto ETF market isn’t the end for Deribit, but rather a signal that the entire derivatives market is maturing.