IBIT Options Dominate Bitcoin Derivatives Market with Record Volume

The surge in IBIT option volume has significantly impacted Bitcoin liquidity, making it the primary trading center for Bitcoin ETFs. With an aggregate open interest of 6.5 million contracts, IBIT options dominate the market, eclipsing FBTC by 61 times and GBTC by 150 times. The current open interest totals 148,216 contracts, with a heavy call bias creating a put-call open interest ratio of 0.34.

The proposed increase in position and exercise limits for IBIT options from 250,000 to 1,000,000 contracts aims to facilitate better hedging for large investors, as the exchange claims the current limit restricts the ability of market makers to provide liquid markets with tighter spreads.

Nasdaq ISE has observed a massive volume in IBIT, making it the most popular trading center for Bitcoin ETFs. The fund's popularity led to around $63 billion in net assets and over 100 million shares traded twice this year. The average daily volume for IBIT reached 44,590,758 shares during the 180 days before September 22, 2025.