Analyst James Check and Unchained produced a report on the current bitcoin The market panorama, with the most interesting conclusion, is the emergence of the funds quoted in Bitcoin Exchange (ETF) specifically the success of Ishares Bitcoin Trust (ibit) and the options market that now supports the product.
The report begins with an appointment that says: “The options are now the instrument of dominant derivatives for open interest, with more than $ 90 billion in size and eclipse the futures markets at $ 80 billion.”
Since its launch in January 2024, Ibit has seen about $ 61 billion in net tickets for 18 months, which makes it one of the most successful ETFs of all time.
However, the domain accelerated after 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 an established price within a certain period of time, has drastically reformed the flows, with Ibit attracting $ 32.8 billion in tickets, while competitors have remained stable since the options began operating.
The report establishes that Ibit now controls 57.5% of all Bitcoin ETF assets under administration (AUM), compared to 49% in October 2024, with approximately 40 cents open for each dollar of Bitcoin in the background. On the contrary, FBTC of Fidelity, the second largest ETF, is approximately 25 times smaller than Ibit in open interest options, with around $ 1.3 billion.
This level of activity has made Ibit an opponent for demribit, the exchanges of largest cryptographic options in the world, where daily negotiation volumes generally cost between $ 4 billion and $ 5 billion, according to the report.
The report also points to 13F presentations, the quarterly revelations required by the SEC for investment administrators with more than $ 100 million in assets. These presentations show that the institutions that have ETF, which allows others to use the options market to shorten or use arbitration methods to collect volatility.
In general, the report concludes that Bitcoin’s volatility profile has changed significantly in this cycle, with ETF and its options markets that serve as an important driver of that change.
“In our opinion, the launch of options in the upper part of the ETFS spot is so far a little discussed change, but very important in the recent structure of the Bitcoin market,” according to the report.
