IBIT Options Market Reshapes Bitcoin ETF Flows – 29/9/2025
A new report from Unchained and analyst James Check highlights how the iShares Bitcoin Trust (IBIT) and its growing options market are driving Bitcoin ETF dominance and reshaping volatility.
Since its January 2024 launch, IBIT has drawn roughly $61 billion in net inflows, positioning it among the most successful ETFs to date. The introduction of ETF options in November 2024 accelerated growth, attracting $32.8 billion in additional inflows while competitor ETFs saw little movement.
IBIT now manages 57.5% of all Bitcoin ETF assets, up from 49% in October 2024, with approximately $0.40 in options open interest for every dollar of Bitcoin held. By comparison, Fidelity’s FBTC—the second-largest ETF—has just $1.3 billion in options open interest, roughly 25 times smaller.
The report notes that IBIT’s options market now rivals Deribit, the world’s largest crypto options exchange, which typically sees $4–5 billion in daily volume. Institutional participation, revealed through SEC 13F filings, allows investors to hedge or arbitrage via options, further amplifying IBIT’s market influence.
The analysis concludes that Bitcoin’s volatility profile has shifted, with ETFs and their options markets playing a central role.
“The launch of options atop spot ETFs is an under-discussed but highly impactful evolution in Bitcoin’s market structure,” the report said.
