Crypto Options Nearly Double Market Share as Derivatives Shift: Report

Crypto options have nearly doubled their share of Bitcoin derivatives open interest, according to a joint report from Glassnode and Bybit that maps how the structure of crypto derivatives markets has shifted in recent years. The study signals a meaningful change in how traders are managing risk and positioning for volatility across the market.

Report: Crypto Options Gain Ground in the Derivatives Market

The Glassnode–Bybit report finds that Bitcoin options’ share of notional open interest rose from roughly 25% to nearly 50%, representing a near-doubling of the product’s footprint in the derivatives book.

At the venue level, Bybit’s Bitcoin options-volume share across four crypto-native exchanges climbed from below 10% to 28%, the report summary says, underscoring how competition in the options segment has intensified beyond Deribit’s historically dominant position. For related coverage, see Puerto Rico: Crypto Investor's Paradise.

The shift in open-interest composition coincides with a sharp contraction in dated futures. According to the report summary, dated-futures volume was roughly 97% below its 2021 peak, pointing to a sustained migration of activity toward perpetual futures and options. For related coverage, see Bank of Russia Proposes 1% Capital Cap for Crypto Risk.

Why More Options Activity Can Change Crypto Trading

Options differ from perpetual futures and dated futures in that they grant the holder the right, but not the obligation, to buy or sell an asset at a set price. That structure makes them useful for hedging existing positions, seeking defined-risk exposure, or expressing a view on volatility rather than just direction.

The growth in options open interest does not itself signal a directional price outlook for Bitcoin, which was trading at $81,253 at the time of writing, down roughly 0.4% over 24 hours. The broader crypto market cap has been tracking near $1.6 trillion, keeping sentiment elevated with the Fear & Greed Index at 71 (Greed).

The scale of the options market is visible in single-day expiry events: a recent settlement saw $6.36 billion in Deribit Bitcoin options expire, covering roughly 81,000 contracts with a $69,000 max-pain level. That figure reflects open interest accumulated over weeks, not a single-session positioning shift, and illustrates why the longer-term share gain documented in the Glassnode–Bybit report is a structural observation rather than a near-term trading signal.

For traders tracking Bitcoin’s behavior near key price levels, the expanding options market adds a layer of expiry-related price pressure to monitor, particularly around large monthly and quarterly settlements. Interest in crypto derivatives-linked products more broadly has grown alongside spot ETF inflows, suggesting institutional demand is reshaping the derivatives mix the report describes.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.