According to Eric Balchunas, the rapid expansion of the IBIT options market is posing a significant competitive threat to traditional crypto exchanges and derivatives platforms. Data shows increasing trading volumes and open interest in IBIT options, which could shift institutional trading activity from native crypto derivatives to exchange-traded products. This development may impact liquidity and volatility in both the crypto spot and derivatives markets, potentially altering trading strategies for BTC and related assets. Source: Eric Balchunas.