BTC Options Open Interest (OI): -Deribit BTC Options: $27 billion -BTC options on BlackRock ETF: $15 billion BTC Options Delta Surges -The overall option Delta has exceeded $9 billion, setting a new historical high, and market makers are heavily hedging their positions. -Deribit: 4.6 billion US dollars -BlackRock: $4.2 billion Average Maturity Date (weighted by OI) -The average maturity of traditional financial ETFs is more forward: -BlackRock: September 11th, 2025 -Deribit: June 25th, 2025