Open interest in BlackRock's spot Bitcoin ETF options surpasses 7.7 million contracts, ranking among the top ten in the US.

The options contract activity for BlackRock’s spot Bitcoin ETF (IBIT) continues to climb. As of Tuesday, IBIT had 7,714,246 open interest contracts (O.I.), ranking ninth among all U.S.-listed stock, ETF, and index options, and second among stock options. Data shows that Bitcoin ETF options are rapidly becoming one of the most watched macro assets in the U.S. market.

BloFin Research points out that if Deribit open interest is included, IBIT options rival the size of VIX and SPY options, further solidifying Bitcoin’s status as a macro asset. Launched in November 2024, IBIT options provide ETF holders with risk management tools and meet institutional investors’ demand for regulated options trading. Traders widely use these options for hedging, speculation, and covered call strategies.

Notably, despite gold prices rising over 50% this year, IBIT option activity still surpasses that of the SPDR Gold ETF options (with 5,151,654 open interest contracts). Compared to options related to Intel, Apple, Netflix, Amazon, Tesla, as well as emerging markets and 20-year U.S. Treasury bonds, IBIT also demonstrates higher trading activity.

As of the end of September, IBIT options open interest even exceeded that of Bitcoin options contracts on Deribit, the pioneer of crypto options. Meanwhile, the S&P 500 Index and Nvidia options both have over 20 million open interest contracts, continuing to lead the overall options market.

The strong performance of IBIT options highlights Bitcoin’s growing appeal in traditional financial derivatives markets, providing investors with regulated hedging and trading tools, and further strengthening the importance of Bitcoin ETFs in institutional asset allocation. (CoinDesk)