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Research
Oct 07, 2025
Bitcoin and Ethereum Options Summary
October came after large Deribit September expiries, with IBIT options' open interest surpassing that of Deribit BTC options for the first time. As of October 6 end-of-day, IBIT-to-Deribit open interest (OI) reached 95%, while ETHA-to-Deribit OI hit a historical high of 71%. Read More
Sep 11, 2025
BTC & ETH Options Positioning Before September Fed Meeting
Both onshore (IBIT/ETHA) and offshore (Deribit) markets are heavily concentrated in expiries immediately after the Fed’s Sep 17 meeting, this is a clear sign that traders are bracing for volatility. Read More
Aug 26, 2025
BTC & ETH Options Market Update
While BTC ETF options imply a need for hedging the downside risk (i.e. low deltas), ETH options are showing a clear bullish tendency, with a possibility of treasuries and institutions positioning for upside. Read More
July 24, 2025
BTC Options Market Update
IBIT's higher average delta and lower average strike imply more ATM and ITM option exposure, while Deribit skews toward out-of-the-money calls. As for the expiries, both set of options have similar maturity profiles. Read More
May 8, 2025
Vol down, Gamma up. $3.5 Billion BTC Options Delta on May 30 expiries! Big expiry this Friday!
Crypto-native BVIV is less than ETF implied volatilities (model-free) which range from 48.63 to 57.56. The volatility smile shows IBIT options pricing consistently higher Black-Scholes IVs than Deribit BTC options at nearly all moneyness levels. Read More
Apr 23, 2025
Massive delta in BTC options!
The total delta of BTC options (crypto-native + ETFs) has surpassed $9B, with total open interest reaching $43B. Option market makers are actively hedging this delta exposure, driven by substantial new positions and notable shifts in strike pricing. Read More