A joint report by Bybit and Glassnode titled « The State of Crypto Derivatives » reveals that Bitcoin options are steadily gaining market share relative to other derivative instruments throughout 2026. Bybit, which serves over 80 million users, provides the underlying trading data while Glassnode quadrupled its options metrics in Q4 2025, expanding from 10 to 40 distinct measurements. These metrics now cover exchanges including Bybit, Deribit, and OKX, integrating open interest data, premium flows, and gamma exposure. Gamma exposure measures how quickly a market maker’s hedge needs to change as the underlying price moves, potentially creating self-reinforcing price dynamics. This report follows a previous collaboration in July 2025 focused on market resilience following the so-called « Lazarus Hack » incident.
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