Regulated US Markets Dominate Bitcoin Derivatives as IBIT Options Surge

The introduction of bitcoin futures on the Chicago Mercantile Exchange (CME) in December 2017 marked a significant shift in the market, allowing pessimists to bet on a price decline. This new mechanism put downward pressure on the spot price, which had been steadily increasing from under $1,150 in February 2017 to a peak of $19,511 in December.

The CME launch coincided with an increase in trading volume, with the average daily trading volume in January 2018 being approximately six times larger than when only the CBOE offered futures. The CBOE had launched its own bitcoin futures on December 10, 2017, but the CME's entry into the market drew more institutional investors.

Fast forward to 2026, and the landscape has changed dramatically. Institutional bitcoin derivatives have shifted towards regulated US markets, with BlackRock's iShares Bitcoin Trust (IBIT) options open interest reaching $27.61 billion in April 2026. This allowed institutional open interest to overtake that of Deribit, a crypto-native venue.

The Nasdaq launched IBIT options in November 2024, and the first day of trading saw 70 million call options at a $100 strike. By April 2026, the implied bitcoin price target from IBIT call options was $109,709. The growth of IBIT options has been driven by the SEC approval of the first spot Bitcoin ETFs in January 2024.