Bitcoin's options market just flipped a major script. Open interest in options hit $65 billion, officially surpassing futures contracts at $60 billion—a significant shift in how the market's hedging itself. What's driving this? BlackRock's IBIT spot ETF now controls over 52% of the institutional bitcoin holdings, reshaping the entire derivatives landscape. As traditional money flows in, the game's changing from pure speculation toward more sophisticated risk management. Institutional traders are clearly making calculated moves, and the market structure is responding in real time.