Bitcoin options are claiming a growing share of the crypto derivatives market through 2026, according to a joint report from Bybit and Glassnode. The study leans on an expanded analytics toolkit that now tracks four times as many options metrics as before.
Bitcoin options have steadily claimed a larger share of the crypto derivatives market through 2026, according to a joint report from Bybit and Glassnode titled "The State of Crypto Derivatives."
The report applies what the two companies call a "three-pass structured view" of market data, layering options pricing, positioning data, and open interest to gauge where trader sentiment sits. Bybit, which serves over 80 million users across its spot and derivatives markets, supplied much of the underlying trading data behind the study.
Glassnode handled the analytics side. The on-chain intelligence firm quadrupled its options metrics in Q4 2025, expanding from 10 to 40 distinct measurements covering Bybit, Deribit, and OKX. The expanded toolkit combines open interest breakdowns, premium flows, and gamma exposure data into one framework.
Gamma exposure measures how quickly a market maker's hedge needs to shift as the underlying price moves. When gamma concentrates at certain price levels, it can create self-reinforcing dynamics that either dampen or amplify moves.
Premium flows, meanwhile, track where money moves inside the options market. Aggressive put buying shifts flows in a way that signals defensive positioning before it shows up in price, while call buying concentrated at specific strikes can point to where the market expects resistance to break.
The report builds on a July 2025 study that examined market resilience following the so-called "Lazarus Hack." Unlike that earlier study, the current report focuses on long-term structural change in the derivatives market rather than short-term recovery.
Source: Crypto Briefing
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