Bitcoin options are eating the derivatives market, Bybit and Glassnode report finds

The crypto derivatives market is going through a quiet transformation, and it’s not happening in the futures pits. A joint report from Bybit and Glassnode titled “The State of Crypto Derivatives” documents a meaningful shift in how traders are positioning themselves, with Bitcoin options steadily claiming a larger slice of the overall derivatives pie. The central finding is straightforward. Bitcoin options have been increasing their market share relative to other derivative instruments throughout 2026. The report takes what Bybit and Glassnode call a “three-pass structured view” of market data, layering options pricing, positioning data, and open interest to build a picture of where sentiment actually sits. Bybit, which serves over 80 million users across its spot and derivatives markets, provides a significant portion of the underlying trading data. Glassnode’s contribution sits on the analytics side. The on-chain and market intelligence firm quadrupled its options metrics in Q4 2025, expanding from 10 to 40 distinct measurements. These now cover exchanges including Bybit, Deribit, and OKX, pulling together open interest breakdowns, premium flows, and gamma exposure data into a si...