Analyst James Check and Unchained produced a report on current bitcoin The market landscape, with the most interesting dishes to be retained being the rise of the negotiated funds in exchange for Bitcoin (ETF) in particular the success of Ishares Bitcoin Trust (IBIT) and the options market which now underpins the product.
The report opens with a quote saying: “The options are now the derivative instrument dominating by an open interest, measuring more than $ 90 billion and overshadowing the term markets with $ 80 billion”.
Since its launch in January 2024, Ibit has experienced around 61 billion dollars in net admissions over 18 months, making it one of the most successful ETFs of all time.
However, domination accelerated following the launch of ETF options in November 2024.
The options market, which gives investors the right but not the obligation to buy or sell an asset at a fixed price within a certain period, radically reshaped the flows, Ibit attracting $ 32.8 billion in entries while the competitors have remained stable since the options began to negotiate.
The report indicates that Ibit now controls 57.5% of all Bitcoin ETF assets under management (AUM), compared to 49% in October 2024, with around 40 cents of options open for each dollar Bitcoin held in the fund. On the other hand, the FBTC of Fidelity, the second largest ETF, is about 25 times smaller than the Ibit in open options, with around $ 1.3 billion.
This level of activity has made the Ibit a drunken rival, the largest crypto option scholarships in the world, where daily negotiation volumes generally take place between 4 billion and $ 5 billion, according to the report.
The report also indicates the 13F deposits, the quarterly disclosure required by the SEC for investment managers with more than $ 100 million in assets. These deposits show that institutions hold FNB, allowing others to use the options market to be able to short-circuit or use arbitration methods for the volatility of coverage.
Overall, the report concludes that Bitcoin’s volatility profile has moved significantly in this cycle, ETFs and their options for the major engine of this change.
“In our opinion, the launch of options in addition to the ETF Spot is so far an underlined but very important change in the recent Bitcoin market structure”, according to the report.
