IBIT Options Metrics Live on Glassnode

Crypto Insight Summary: Glassnode has launched over 40 new metrics for options on BlackRock's iShares Bitcoin Trust (IBIT), available to Professional plan users, bringing institutional-grade volatility analytics to the largest U.S. spot Bitcoin ETF. The metrics, authored by Dustin Lamblin and Antonio Manrique de Lara Martín, include open interest, volume, put/call ratios, max pain, ATM implied volatility across multiple tenors, and interpolated IV by delta. As of April 29, 2026, IBIT reported more than $61.1 billion in net assets and a 30-day average daily volume above 41 million shares. IBIT options open interest reached approximately $27.6 billion, briefly surpassing Deribit's Bitcoin options open interest of around $26.9 billion, marking a milestone for U.S.-listed, regulated Bitcoin derivatives. Deribit continues to handle more than 20,000 BTC options contracts daily, exceeding $2 billion in notional volume. As of May 5, 2026, a roughly 15 percentage-point gap existed in 1-month 25-delta skew between the two venues, with IBIT showing materially more put-skew than Deribit's modestly call-biased pricing. This divergence suggests ETF-linked investors are paying a higher premium for short-term downside protection compared to crypto-native traders. The metrics enable users to compare how traditional finance and crypto-native markets price Bitcoin risk, hedge exposure, and express directional views. The launch reflects Bitcoin's progression through spot, futures, and options layers typical of mature financial markets. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Institutional options metrics provide transparency but unlikely to significantly move BTC price in short term.