Options tied to cryptocurrencies are booming across U.S. markets, so much so that contracts tied to BlackRock’s bitcoin ETF (IBIT) have cracked the top 10 U.S. list in just over a year after debuting.
As of Tuesday, a total of 7,714,246 IBIT contracts were active or open, the ninth-largest number among options linked to U.S.-listed stocks, ETFs and indexes, according to data source optioncharts.io. Among equities alone, IBIT options are second in open interest.
BloFin Research said the growing popularity of options linked to IBIT indicates BTC’s appeal as a macro asset.
“IBIT options open interest has reached ninth place in the US market. If Deribit’s open interest is included, it competes with VIX and SPY options, further strengthening its position as one of the most popular macro assets,” the research firm told CoinDesk.
IBIT options debuted in November 2024, enabling effective risk management for ETF holders and providing institutions with regulated options access. Since then, traders have used these options for hedging, speculation and return generating strategies such as covered calls.
Options are derivative contracts that give the buyer the right to buy or sell the underlying asset at a predetermined price at a later date. A call gives the right to buy, while a put option gives the right to sell.
Busier than gold ETF options
IBIT options have been busier than the SPDR gold ETF contracts, although the yellow metal is up 50% this year, outshining BTC’s -0.1% decline.
On Tuesday, open interest in options linked to the SPDR Gold Shares ETF stood at 5,151,654 contracts, well behind the IBIT.
Options linked to tech heavyweights such as Intel, Apple, Netflix, Amazon and Tesla and ETFs linked to emerging markets and 20-year Treasuries also lagged IBIT.
If that’s not enough, open interest (OI) in the Nasdaq-listed IBIT options topped bitcoin options OI on Deribit, the crypto options pioneer, in late September.
Meanwhile, S&P 500 and Nvidia options led the industry Tuesday with open interest exceeding 20 million contracts each.
