Monat: September 2025

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IBIT surpasses Deribit as largest Bitcoin options venue

  • IBIT surpasses Deribit with $38B in Bitcoin options open interest, reshaping crypto markets.
  • Wall Street’s rise in Bitcoin options brings tighter spreads, deeper liquidity, and less volatility.
  • Deribit, now owned by Coinbase, stays popular with crypto-native traders despite losing the top spot.

BlackRock’s iShares Bitcoin Trust has overtaken Coinbase’s Deribit as the leading platform for Bitcoin options, signaling a shift in the center of gravity for crypto trading from offshore hubs to Wall Street.

IBIT takes the lead

Open interest in options tied to the Nasdaq-listed iShares Bitcoin Trust (IBIT) reached nearly $38 billion, outpacing $32 billion on Deribit following Friday’s contract expiry, according to data from Bloomberg and Deribit.

This development marks a significant milestone.

Deribit, founded in 2016, had long dominated Bitcoin options activity and was widely seen as the go-to marketplace for crypto derivatives.

The change comes less than a year after IBIT introduced options in November, underscoring its rapid ascent.

With $84 billion in assets, IBIT is already the world’s largest Bitcoin exchange-traded fund.

The growth of its options market is reinforcing a feedback loop in which deeper liquidity drives legitimacy, attracting more inflows and further strengthening its position.

Wall Street’s growing role in Bitcoin markets

Market participants view the development as part of a broader structural shift in crypto markets.

George Mandres, senior trader at XBTO Trading, said in a Bloomberg report that Wall Street’s increasing participation in Bitcoin options brings “substantial capital and trading expertise.”

He argued that the presence of large financial institutions is contributing to tighter spreads, deeper liquidity, and greater efficiency across the market.

Mandres also suggested that the influence of traditional players could lead to a “volatility of volatility” dampening effect, making Bitcoin price swings less extreme.

As institutional investors weigh Bitcoin alongside traditional assets such as gold or major currencies, he sees the potential for a long-term decline in volatility.

Still, Mandres emphasized that the transition will not result in the complete centralization of liquidity in the US.

Instead, he anticipates the emergence of two parallel ecosystems: one centered around regulated traditional finance (TradFi) products like IBIT, and another in offshore and decentralized finance (DeFi) venues catering to higher-risk traders.

Deribit’s role and the offshore market

Despite losing its top ranking, Deribit remains a key player in Bitcoin derivatives markets.

Acquired by Coinbase for about $2.9 billion in August, the platform continues to attract crypto-native traders drawn to its flexibility and offshore operating model.

For years, Deribit was synonymous with leverage-driven crypto derivatives trading, shaping market dynamics through its dominance.

While IBIT’s rise underscores Wall Street’s growing footprint, Deribit’s continued popularity reflects the enduring demand for less-regulated environments and experimental financial products.

The shift in leadership highlights a fundamental transformation: Bitcoin derivatives are moving closer to the regulated core of the US financial system.

This evolution could reshape how both institutions and retail investors approach the asset class, balancing the appeal of stability and oversight against the appetite for risk and innovation.

As Bitcoin’s role in mainstream finance continues to evolve, the split between regulated and offshore markets may define the next phase of growth in digital assets.

The post IBIT surpasses Deribit as largest Bitcoin options venue appeared first on CoinJournal.

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FTT price on the edge as FTX creditors brace for $1.6B payout on Sept. 30

  • FTX creditors will receive $1.6B in reimbursement tomorrow.
  • This is the 3rd major distribution in the bankrupt firm’s restructuring program.
  • FTT has lost $1 psychological mark after hitting $1.20 peaks this week.

The defunct cryptocurrency exchange, FTX, is set to distribute roughly $1.6 billion to its creditors in its Third Distribution round on September 30.

The move marks a significant step in the exchange’s bankruptcy process following the late 2022 collapse.

Meanwhile, tomorrow’s payout represents the third disbursement to date and targets non-convenience and convenience class claim creditors who meet all pre-distribution necessities.

FTX’s native token has lost a crucial level ahead of the massive distribution.

It trades at $0.9424 after mild bearishness in the past day.

FTT has underperformed as most tokens rallied on Monday.

FTT drops below $1

FTX’s native token dipped below $1 as investors brace for relief.

FTT always reacts to developments associated with the insolvent exchange.

While the crypto market reversed today, FTT weakened at the $1 psychological mark.

It is trading at $0.9487, with an over 70% surge in trading volume signaling increased trader activity.

The bearish hints could indicate traders bracing for potential sell pressure once the reimbursement begins.

Moreover, the price fluctuation reflects lingering uncertainty around FTT’s use cases and roles after the FTX debacle.

The altcoin has no utility at the moment. No longer supported by a running trading platform, FTT survives on speculation.

Weekly gains still intact

While bears fight to control daily trends, the weekly chart paints a bullish story.

FTT holders have seen their holdings increase by over 13% in the last seven days.

The upward trajectory follows a sharp rally last week.

The digital coin recorded a 60% single-day rally on September 24.

The dramatic jump came after Sam Bankman-Fried’s X handle unexpectedly broke its silence with a “gm” post.

The simple message, which means “good morning, sparked frenzy as it was the first post since early this year.

FTT rallied to the $1.20 weekly highs after the X post.

The wild price more reflected how sensitive FTT is to any developments linked to FTX and its controversial founder, SBF.

What’s next for FTT’s price?

The altcoin remains poised for heightened volatility as creditors prepare for their upcoming compensation.

Meanwhile, technical indicators suggest potential recoveries above $1.

Analyst Dark Pro Trader anticipates bullish moves amidst the creditor payments.

He highlighted a 4-hour chart, which demonstrates a mix of tentative upswings and sharp volatility.

FTT has a key support barrier at $0.78.

The upcoming $1.6 billion in creditor payout might create short-lived demand for the native token.

That might see it targeting weekly highs at $1.20 and clear the path to the notable resistance zone at $1.30.

Such an uptrend would translate to an approximately 27% uptick from FTT’s current market price.

The post FTT price on the edge as FTX creditors brace for $1.6B payout on Sept. 30 appeared first on CoinJournal.