Currently, Bitcoin’s derivatives market is in its infancy, especially compared to its spot market. As Consorti noted, derivatives make up less than 1% of Bitcoin’s $1.8 trillion valuation.
By contrast, in traditional markets like equities and commodities, derivatives often exceed the market cap of their underlying assets by 10 to 20 times.
This stark gap shows how underdeveloped Bitcoin’s derivatives ecosystem is, particularly in the U.S., where platforms like Deribit have thrived offshore, taking advantage of regulatory constraints stateside.
For years, U.S. retail investors — who account for 44% of the global listed options market — have been largely shut out of Bitcoin derivatives trading.