Bybit Dominates Bitcoin Options Market as Crypto Derivatives Shift Towards Options
Crypto derivatives markets are undergoing a significant shift as options become a larger part of how traders manage and price risk, according to a new report from Glassnode in partnership with Bybit.
The report found that options now account for nearly half of the Bitcoin derivatives market's notional open interest, up from around 25% over the period studied. This growth is significant because it suggests that market participants are increasingly using options to manage downside, express views on volatility, and price specific market events.
Bybit has emerged as a leading platform in this shift, capturing 28% of the tracked volume in Bitcoin options. The company's share has nearly tripled over the reporting period, driven by active turnover rather than simply the accumulation of open positions. Bybit also leads Ether options and tokenized gold perpetuals, with its tokenized-gold perpetual book remaining the largest among crypto venues for 476 consecutive days.
The growth in options trading is not limited to Bitcoin. Ether options account for approximately one-third of Bybit's total options volume, while Bybit has also established a leading position in tokenized commodity derivatives.