A new report from Bybit and Glassnode, titled The State of Crypto Derivatives, highlights a structural change in the market. Bitcoin options are consistently gaining market share compared to other derivative instruments throughout 2026.
The analysis utilizes a three-pass structured view, which combines options pricing, positioning data, and open interest. Bybit, which supports over 80 million users, supplied the underlying trading data for this research.
Glassnode expanded its analytical toolkit in Q4 2025, increasing its options metrics from 10 to 40. The platform now aggregates data from exchanges such as Bybit, Deribit, and OKX to track open interest, premium flows, and gamma exposure.
The report emphasizes that tracking premium flows and gamma exposure allows for better monitoring of market sentiment and defensive positioning. This study follows a previous collaboration from July 2025 that analyzed market resilience after the Lazarus Hack.
