Options linked to BlackRock's spot bitcoin ETF (IBIT), which began trading on November 19, 2024, have surged to represent nearly 50% of Deribit's BTC options market. As of January 14, 2025, there are 2.16 million active IBIT options contracts with a notional value of $11 billion, which compares to $23 billion in total open interest for Deribit's BTC options. These IBIT options appeal especially to U.S. retail and institutional investors seeking regulated investment vehicles, contrasting with Deribit's offshore offerings. Deribit maintains that the introduction of IBIT options has not hurt their business; instead, it has created new arbitrage opportunities and improved strategies for institutional participants. The IBIT options market has rapidly developed, indicating a strong demand for regulated crypto products in the U.S. Despite this competition, Deribit continues to hold its position as a major player in the crypto options space, facilitating complex trading strategies for users.

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