Bybit Captures Significant Share of Bitcoin Options Market as Crypto Derivatives Evolve
A new report from Glassnode, in collaboration with Bybit, reveals a structural shift toward options within the crypto derivatives market. Over time, options have grown to represent nearly half of notional open interest for Bitcoin derivatives and are increasingly used by traders for risk management rather than just speculation. Bybit has significantly increased its share of Bitcoin options trading volume from under 10% to 28%, driven largely by active turnover in the market. The exchange also leads Ether options with a streak of 143 consecutive days as top venue and dominates tokenized gold perpetuals for over a year. The report highlights that dated futures have nearly disappeared, replaced by perpetual contracts offering continuous exposure. This evolution reflects broader maturity in crypto derivatives markets where liquidity is measured not just by open interest but also by active trading.
Topics: Bybit market share crypto derivatives Glassnode research options growth