Bitcoin options capture nearly 50% of crypto derivatives market

A joint report by Glassnode and Bybit, titled ‘The State of Crypto Derivatives’, reveals a significant structural shift in the cryptocurrency derivatives market. Bitcoin options have seen their share of notional open interest rise from approximately 25% to nearly 50% during the studied period.

This growth suggests that market participants are increasingly utilizing options to manage downside risk, express views on volatility, and price specific market events, rather than relying solely on speculative activity. The report also notes that dated futures are being increasingly replaced by perpetual contracts.

Bybit has emerged as a major player in this landscape, capturing 28% of the tracked volume. The exchange has also led tracked Ether options for 143 consecutive days. Additionally, Glassnode has expanded its analytical capabilities, quadrupling its options metrics in late 2025 to include advanced data such as gamma exposure and premium flows.