Analyst Check James and Unchained has made a report to the current bitcoin Market landscape, with the most interesting takeaway that increases the Bitcoin exchange-traded funds (ETFs) in particular the success of Ishares Bitcoin Trust (IBIT) and the market options that are now undergoing the product.
The report opens with a quote that states: “The options are now the dominant instrument of derivatives by open interest, which is over $ 90 billion in size, and eclipting the futures market for $ 80 billion”.
Ever since it launched in January 2024, Ibit has seen around $ 61 billion With net inflows for 18 months, it makes one of the most successful ETFs of all time.
However, the dominance accelerated following the launch of ETF options In November 2024.
The options market, which gives investors correctly but is not the obligation to buy or sell a owner at a prescribed price for a certain time, noticeably reshapping flows, with Ibit that attracts $ 32.8 billion to flows as competitors remain flat because the trade options began.
The report states that Ibit is now controlling 57.5% of all Bitcoin ETF assets under Management (AUM), from 49% in October 2024, with nearly 40 cent open interest options for each Bitcoin dollar held in the fund. Conversely, Fidelity’s FBTC, the second largest ETF, is almost 25 times smaller than the open interest options, with about $ 1.3 billion.
This level of activity has become Ibit’s rival to the derivit, the largest exchange of crypto options worldwide, where the sun -the -day trading volume usually runs between $ 4 billion and $ 5 billion, according to the report.
The report also points to the 13F filings, the quarterly disclosure that the SEC requires for investment managers with over $ 100 million in property. These filing shows institutions holding ETFs, allowing others to use the options market to shorten or use arbitration methods for hedging volatility.
Generally, the report concluded that the Bitcoin’s volatility profile has changed significantly in this cycle, along with the ETFs and their market choices that serve as a major driver of that change.
“In our view, the launch of options on top of the ETFs of the area is so far an under-discussed, but extremely important change in the recent Bitcoin market structure”, the report said.
