Bitwise advisor Jeff Park says Bitcoin\u2019s next all-time high could be driven not by spot ETF flows alone, but by a fast-growing options market around BlackRock\u2019s iShares Bitcoin Trust. Speaking at Bitcoin Conference 2026 in Las Vegas on Monday, Park argued that IBIT options are beginning to reshape the structure of Bitcoin volatility and may become the catalyst for the asset\u2019s next major leg higher.<\/p>\n
Park said<\/a> the market has reached a notable inflection point: IBIT options open interest has now overtaken Deribit\u2019s open interest \u201cfor the first time in a meaningful way.\u201d For years, Deribit has served as the dominant venue<\/a> for Bitcoin options, with traders often using its D-Vol index as a proxy for implied volatility across the market. Park argued that this approach is increasingly incomplete.<\/p>\n \u201cFor a long time people would look at Deribit\u2019s D-Vol to calculate implied volatility but D-Vol is flawed,\u201d Park said. \u201cD-Vol only uses Deribit options. The reality is there\u2019s lots of offshore exchanges, there\u2019s now IBIT options<\/a>, and we actually need more intelligent ways to quantify the parameterization of implied volatility.\u201d<\/p>\n That shift matters because the US-listed IBIT options market appears to be pricing Bitcoin risk differently from offshore venues. Park pointed to BVIV US, which tracks implied volatility on IBIT, and BVIV, an offshore exchange aggregate correlation implied volatility measure. According to him, the spread between the two now sits around five points, with IBIT volatility trading higher than Deribit and other offshore exchange volatility.<\/p>\n