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Bitcoin Options Volume on Deribit Already 25% of 2020 Total
$14.5 billion in bitcoin options have traded on Deribit in the first two weeks of 2021.
By Zack Voell
Updated Sep 14, 2021, 10:54 a.m. Published Jan 12, 2021, 5:07 p.m.
Deribit traders have already recorded 25% of last year's entire bitcoin options volume.
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- After a record-setting $2 billion traded Monday, total volume for bitcoin options on Deribit in the past two weeks reached $14.5 billion Tuesday morning.
- In 2020, all bitcoin options trading on Deribit totaled just less than $57 billion.
- Contributing to its wild growth in the past month, the Panama-based exchange now offers traders sky-high bets of bitcoin reaching $100,000, $200,000 or even $300,000 by December.
- At the end of December 2020, Deribit investor and Three Arrows Capital CEO Su Zu predicted that in 2021, "Options markets volume to become over 50% of all crypto derivatives markets." Perpetual cryptocurrency futures markets reported over $190 billion in the past 24 hours, according to CoinGecko.
- Concurrent with soaring volume, bitcoin's implied volatility is surging, according to data from Skew. The one-month gauge currently above 135%, its highest level since March 2020 just after bitcoin's crash below $4,000.
- Ether options, although a significantly smaller market, are experiencing similar growth with a record $264 million traded on Jan. 4, per data from Skew, a more than 2,700% increase from three months ago.
- Deribit routinely accounts for over 85% of daily options volume, per Skew data, with OKEx typically the second-largest bitcoin options market representing around 5% of daily volume.
- Outside of derivatives markets, all cryptocurrency trading volumes across the board are soaring, with spot markets reaching record levels, even passing 2017's peak, per CoinDesk Research.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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