Core Insights - BlackRock's Bitcoin ETF (IBIT) has reached $38 billion in open interest, making it the largest venue for Bitcoin options trading, surpassing Deribit [1][3] - The popularity of IBIT highlights the growing stature of crypto ETFs, even amidst institutional outflows and market challenges [3][5] - The recent expiration of $21 billion in Bitcoin and Ethereum options created significant stress for derivatives exchanges, but ETFs like IBIT managed to weather these setbacks more effectively [4][5] Market Dynamics - Coinbase's acquisition of Deribit for $2.9 billion indicates a strong interest in expanding the Bitcoin and crypto options markets, with Deribit's stock rising 37% during negotiations [2] - Despite the challenges faced by Deribit, IBIT's performance suggests a potential shift in dominance towards ETFs in the crypto options landscape [3][4] - The anticipated influx of altcoin ETFs post-US government shutdown could further enhance the market dynamics for crypto ETFs [5]