IBIT’s Options Activity Underpins Bitcoin ETF Supremacy, Study Finds

IBIT Options Market Reshapes Bitcoin Flows and Volatility – 29/9/2025

A new report by Unchained and analyst James Check highlights how the iShares Bitcoin Trust (IBIT) and its growing options market are reshaping Bitcoin ETF flows and impacting the cryptocurrency’s volatility profile.

The report notes:
“Options have become the dominant derivatives instrument by open interest, exceeding $90 billion and surpassing futures markets at $80 billion.”

Since its January 2024 launch, IBIT has seen roughly $61 billion in net inflows over 18 months, positioning it as one of the most successful ETFs ever. The introduction of ETF options in November 2024 accelerated this growth, driving $32.8 billion in additional inflows while competitor ETFs remained largely stagnant.

IBIT now holds 57.5% of all Bitcoin ETF assets under management, up from 49% in October 2024, with roughly $0.40 of options open interest for every dollar of Bitcoin held. By comparison, Fidelity’s FBTC—the second-largest Bitcoin ETF—has just $1.3 billion in options open interest, roughly 25 times smaller than IBIT.

The report highlights the outsized impact of IBIT’s options market, which now rivals Deribit, the world’s largest crypto options exchange, where daily trading volumes typically range between $4 billion and $5 billion.

Institutional engagement is another key factor. SEC 13F filings show major investment managers holding significant ETF positions, enabling the use of options for hedging and arbitrage, which has further influenced Bitcoin’s market dynamics.

The report concludes that Bitcoin’s volatility profile has shifted significantly in the current cycle, with ETFs and their options markets emerging as a major driver.

“The launch of options atop spot ETFs is an under-discussed yet highly important shift in Bitcoin’s market structure,” the report said.