Cryptocurrency-linked options are booming in US markets, to the point that contracts linked to BlackRock’s bitcoin ETF (IBIT) have entered the US top 10 list in just over a year after their debut.
As of Tuesday, a total of 7,714,246 IBIT contracts were active or open, the ninth largest number among options linked to stocks, ETFs and indices listed in the US, according to data source optioncharts.io. Among stocks alone, IBIT options rank second in 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 has reached ninth place in the US market. If Deribit open interest is included, it rivals VIX and SPY options, further cementing 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 return-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 later date. A call option offers the right to buy, while a put option offers the right to sell.
Busier than gold ETF options
IBIT options have been more active than SPDR gold ETF contracts, even though the yellow metal is up 50% this year, eclipsing BTC’s -0.1% drop.
On 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 technology heavyweights such as Intel, Apple, Netflix, Amazon and Tesla and ETFs linked to emerging markets and 20-year Treasuries also lagged the IBIT.
If that wasn’t enough, open interest (OI) in IBIT options listed on Nasdaq surpassed bitcoin options OI on Deribit, the pioneer of crypto options, in late September.
Meanwhile, S&P 500 and Nvidia options led the industry on Tuesday with open interest of more than 20 million contracts each.
