Offshore Bitcoin dated futures volume plummets 97% as market shifts to options

Trading volume for dated Bitcoin futures on offshore exchanges has declined by approximately 97% from 2021 levels, according to Glassnode data. While the derivatives market has matured, dated futures have been squeezed by the rise of perpetual futures for directional bets and options for hedging and volatility management. By January 2026, Bitcoin options open interest surpassed futures for the first time, reaching $74.1 billion compared to $65.22 billion in futures.