Open interest in options on BlackRock’s IBIT nears half of Deribit’s

Two months after the start of trading, open interest in options on BlackRock’s bitcoin ETF has risen to nearly 50% of the total on leading platform Deribit, CoinDesk reported.

As of January 13, the figures stood at $11bn and $23bn, respectively.

The launch of IBIT options has given U.S. institutional investors a regulated product, unlike offshore Deribit.

The new instrument has also attracted U.S. retail traders, according to Volmex Finance.

Analysts say the popularity of IBIT options could undermine Deribit’s dominance.

The platform’s CEO, Luuk Strijers, noted the product’s positive effect on the industry.

“Options on IBIT are traded predominantly by U.S. retail investors — a segment that historically did not have access to Deribit. The instrument has not had a negative impact on activity on our platform. Moreover, it has opened new opportunities for arbitrage,” he explained.

In November, SEC postponed a decision on a NYSE proposal to list options on spot Ethereum ETFs.

A month earlier, the regulator approved trading in IBIT options on the NYSE and CBOE.