Bybit Dominates Crypto Options Market as Glassnode Report Reveals Shift Toward Sophisticated Instruments

Crypto derivatives markets are shifting toward more sophisticated instruments as options take on a larger role in managing and pricing risk, according to a report from digital assets data provider Glassnode. The study found that options now account for nearly half of Bitcoin's notional open interest, with Bybit leading the charge at 28% of tracked volume.

Bybit's dominance is evident across various markets, including Ether options and tokenized gold perpetuals. The platform recorded the highest Ether options trading volume among four tracked venues for 143 consecutive days. Glassnode confirmed this leadership using both coin-denominated volumes and dollar values, reducing the impact of Ether price movements.

The report highlights a broader evolution in crypto trading as options become a larger part of the market. Bybit's growing options market reflects this convergence, with expanding activity across Bitcoin, Ether, and established depth in tokenized-gold derivatives.