The cryptocurrency derivatives market is undergoing a quiet but profound structural transformation. New research jointly published by digital asset data provider Glassnode and exchange Bybit shows that options now account for nearly 50% of Bitcoin derivatives’ notional open interest, up from roughly 25% at the beginning of the study period — nearly doubling. This means options are no longer a fringe instrument in the crypto market, but are becoming a core tool for traders to manage risk and express market views.

The report, titled “The State of Crypto Derivatives,” uses data as of the market close on August 23, 2026, covering multiple crypto-native trading venues tracked by Glassnode, and incorporates Bybit’s own derivatives holdings…