IBIT’s Options Trading Powers Bitcoin ETF Market Share, Report Shows

IBIT Options Market Reshapes Bitcoin ETF Landscape – 29/9/2025

A recent report by Unchained and analyst James Check highlights how iShares Bitcoin Trust (IBIT) and its growing options market are transforming Bitcoin ETF flows and impacting market volatility.

Since its launch in January 2024, IBIT has attracted approximately $61 billion in net inflows, making it one of the most successful ETFs in history. The introduction of ETF options in November 2024 further accelerated growth, contributing $32.8 billion in additional inflows while rival ETFs remained largely flat.

IBIT now controls 57.5% of all Bitcoin ETF assets under management, up from 49% in October 2024, with roughly $0.40 in options open interest for every dollar of Bitcoin held. By contrast, Fidelity’s FBTC—the second-largest Bitcoin ETF—has just $1.3 billion in options open interest, roughly 25 times smaller.

The report emphasizes that IBIT’s options market has become a major force, rivaling Deribit, the world’s largest crypto options exchange, which typically sees $4–5 billion in daily trading volume. Institutional holdings, revealed through SEC 13F filings, allow investors to hedge or arbitrage via options, amplifying IBIT’s influence on Bitcoin’s market dynamics.

The analysis concludes that Bitcoin’s volatility profile has shifted significantly, with ETFs and their options markets serving as key drivers of the change.

“The launch of options atop spot ETFs is an under-discussed but highly impactful evolution in Bitcoin’s market structure,” the report states.