The Bitcoin (BTC) options market has grown so large and so structurally diverse that it is now influencing the price of bitcoin itself, according to a report by trading firm FalconX.

Open interest in BTC options has swelled to nearly $80 billion, up from around $8 billion at the start of the year, putting it on par with bitcoin’s long-established futures market. That level of growth marks a shift in how traders express views and manage risk in crypto.

Options activity, once a secondary signal, now functions as a key input for market participants trying to read or anticipate moves in the underlying asset, FalconX said. Unlike spot trades, which show where prices are now, options reveal how investors are positioning around future moves.

Two vehicles are driving the trend, according to the

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