Bitcoin Options Surpass Futures in Open Interest, Offshore Dated Volume Plummets

Bitcoin options have surpassed futures in terms of open interest for the first time. According to Glassnode, this shift is part of a larger trend where dated offshore Bitcoin futures volume has plummeted by 97% compared to its 2021 peak.

In January 2026, the open interest for Bitcoin options reached $74.1 billion, exceeding that of futures at around $65.22 billion. This marks a significant milestone as options now account for nearly half of crypto-native derivatives open interest.

Bybit's share of tracked Bitcoin options volume has increased to 28%, with its options book expanding from $529 million in the first month to $2.33 billion. Ethereum accounts for roughly one-third of Bybit's options turnover over the prior 90 days.