Cryptocurrency-related options are booming in US markets, so much so that contracts linked to BlackRock’s Bitcoin ETF (IBIT) have climbed into the US top 10 just over a year after their debut.
As of Tuesday, a total of 7,714,246 IBIT contracts were active or open, the ninth highest number among options linked to U.S.-listed stocks, ETFs and indices, according to data source optioncharts.io. Among stocks alone, IBIT options rank second in terms of open interest.
BloFin Research said the growing popularity of IBIT-linked options indicates the appeal of BTC as a macro asset.
“IBIT options open interest reached ninth place in the US market. If Deribit open interest is included, it competes with VIX and SPY options, 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 access to regulated options. Since then, traders have used these options for hedging, speculation, and yield-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 future 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 more crowded than SPDR Gold ETF contracts, even though the yellow metal has surged 50% this year, eclipsing BTC’s -0.1% decline.
As of 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, as well as ETFs linked to emerging markets and 20-year Treasuries, also lagged IBIT.
If that’s not enough, open interest (OI) for Nasdaq-listed IBIT options surpassed Bitcoin options OI on crypto options pioneer Deribit in late September.
Meanwhile, S&P 500 and Nvidia options were the sector leaders Tuesday with open interest of more than 20 million contracts each.
