Glassnode Report: Bitcoin Derivatives Options Approach 50%, Bybit's BTC Options Share Rises to 28%

TechFlow reports that on September 17, Glassnode and Bybit jointly released the "Crypto Derivatives Market Landscape" report, showing that in the Bitcoin native derivatives market, the share of option nominal open interest has increased from approximately 25% to nearly 50%. At the same time, term futures have continued to shift toward perpetual contracts.

According to the report data, Bybit's share of Bitcoin options trading volume across the four tracked exchanges has risen from less than 10% to 28%, nearly tripling. Bybit's options market size has also grown from $529 million in its first month of launch to $2.33 billion, an increase of more than four times.

In Ethereum options, Bybit recorded the highest trading volume among the four tracked exchanges and maintained the lead for 143 consecutive days. Over the past 90 days, Ethereum accounted for approximately one-third of Bybit's total options trading volume.

Regarding tokenized gold derivatives, Bybit's tokenized gold perpetual contract market, measured in ounces, has remained the largest among tracked crypto exchanges for 476 consecutive days; in gold options, Bybit accounts for 97.1% of the open interest across the tracked exchanges.

Frederik Theissen, Head of Research at Glassnode, stated that term futures trading volume has declined by approximately 97% compared to 2021, with market leverage gradually shifting to perpetual contracts, while risk pricing is increasingly moving toward options.

Sean Ballard, Head of Derivatives and Institutional Business at Bybit, noted that traders are increasingly using options to manage downside risk, trade volatility, and price specific market events.