Glassnode and Bybit Joint Report: Bitcoin Derivatives Options Share Approaches 50%, Bybit BTC Options Share Rises to 28%

A joint report by Glassnode and Bybit, "State of the Crypto Derivatives Market," shows that in Bitcoin-native derivatives markets, the share of options nominal open interest has risen from approximately 25% to nearly 50%. Over the same period, dated futures continue to shift toward perpetual contracts. Report data shows that Bybit's share of Bitcoin options trading volume across the four tracked exchanges has risen from under 10% to 28%, nearly tripling. Bybit's options market size has also grown from $529 million in its first month of listing to $2.33 billion, a more than fourfold increase. In Ethereum options, Bybit recorded the highest trading volume among the four tracked exchanges and has maintained its lead for 143 consecutive days. Over the past 90 days, Ethereum accounted for approximately one-third of Bybit's total options trading volume. In tokenized gold derivatives, Bybit's tokenized gold perpetual contract market, measured by ounces, has remained the largest among tracked crypto exchanges for 476 consecutive days; in gold options, Bybit accounts for 97.1% of open interest across tracked exchanges. Glassnode Head of Research Frederik Theissen stated that dated futures trading volume has fallen approximately 97% from 2021, with market leverage gradually shifting toward perpetual contracts, while risk pricing is increasingly moving toward options. Bybit Head of Derivatives and Institutional Business Sean Ballard stated that traders are increasingly turning to the options market.