Bitwise advisor Jeff Park told attendees at Bitcoin Conference 2026 in Las Vegas that Bitcoin’s next all-time high might not be driven solely by spot ETF flows — it could be kicked off by a rapidly expanding options market centered on BlackRock’s iShares Bitcoin Trust (IBIT).
A turning point for options
Park said the IBIT options market has hit an “inflection point,” with its open interest now surpassing Deribit’s “for the first time in a meaningful way.” That matters because Deribit has long been the price-setting venue for Bitcoin options and its D‑Vol index is often used as a shorthand for implied volatility across the market. Park argues that relying on D‑Vol is increasingly incomplete since it excludes US-listed IBIT options and other venues.
Different pricing, different buyers
US-listed IBIT options appear to be pricing Bitcoin risk higher than offshore exchanges. Park highlighted the gap between BVIV US (which tracks implied volatility on IBIT) and BVIV (an offshore aggregate), saying the spread sits at roughly five points, with IBIT volatility trading richer. He suggested this premium reflects a distinct buyer base: IBIT options offer tenors beyond two years, providing retail and institutional investors a regulated, long-duration way to buy upside exposure — something not commonly available on offshore platforms like Deribit.
How options could drive price
Park’s thesis centers on how options positioning can mechanically influence Bitcoin’s price. If demand for long-dated IBIT calls grows and market makers sell those calls, dealers may hedge by buying Bitcoin dynamically. That “gamma” hedging — buying as the price rises, selling as it falls — can amplify moves and add momentum to an uptrend. In Park’s words, the reflexive nature of gamma in a scarce asset like Bitcoin “can really, really lead the next leg up in a meaningful way.”
He framed this as more than sentiment: options activity could become a source of price discovery and upward force, not just a reflection of it. Park called his outlook a “bold prediction” that a large Bitcoin rally will be led by IBIT options.
Market context
At the time of his remarks, BTC was trading around $75,937. Park’s view highlights an evolving landscape in which US-listed, regulated products and their derivatives may reshuffle how volatility is measured and how price moves are generated — a development traders and allocators will be watching closely.
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