Bullish climbs to number two globally for BTC options by open interest, eyes massive growth ahead

Bullish Exchange, which launched its Bitcoin options product in October 2025, has already muscled its way past OKX, Binance, and CME to claim the second-largest share of global BTC options open interest.

By the end of January 2026, Bullish had accumulated $4 billion in open interest. By April, that figure had ballooned past $6 billion, putting the exchange firmly behind only Deribit. The exchange also reported options trading volumes exceeding $9 billion across Q4 2025 and early 2026.

A market in transition

In mid-January 2026, Bitcoin options open interest peaked at nearly $74 billion, actually surpassing futures open interest, which sat around $65 billion at the time.

The concentration of Bitcoin options activity at those $80K to $95K strike prices underscores hedging behavior among institutional investors. When Bitcoin is swinging between $80K and $95K, as it was in late 2025 and early 2026, the ability to buy downside protection without selling your spot position is enormously valuable.

Bullish’s strategic positioning

Bullish trades publicly under the ticker BLSH and is a sister company to CoinDesk. Being a public company means quarterly disclosures, regulatory scrutiny, and the kind of institutional credibility that hedge funds and asset managers tend to require before onboarding.

Bullish went from zero to $3 billion in open interest by mid-January 2026, then added another billion by month’s end. The trajectory from $4 billion to $6 billion by April suggests the growth rate hasn’t plateaued.

What this means for investors

Crypto options volume is still dramatically lower than what you’d see in traditional finance. Equity options in the US alone dwarf the entire crypto derivatives market by orders of magnitude.

The risk is concentration. With Deribit still dominating and Bullish rapidly consolidating the number two position, the Bitcoin options market is not exactly a model of decentralization. If either platform experienced a significant technical failure or regulatory challenge, the ripple effects could be substantial.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.