Options on BlackRock's iShares Bitcoin Trust (IBIT) are pricing in smaller price moves than the fund actually made during Bitcoin's recent rebound. That is the finding of Saxo Bank, which looked at options data from September. Cointelegraph reported it on Sep 25, 2026, in an article by staff editor Yohan Yun.
According to Saxo Bank, IBIT's expected volatility, meaning the size of the moves the options market is pricing in, is near the bottom of its range for the past 12 months. So there is a gap: the fund moved more during the rebound than its options now suggest it will.
The report does not say why options are pricing less movement. It also does not say how long this has lasted, or give the exact volatility figures behind Saxo Bank's comparison. Those details are not known from this story.
For someone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, this changes nothing directly. IBIT options are a separate market from crypto perpetual futures, and the story contains no information about funding rates, trading fees or order-book liquidity on any perp venue. It is a reading of how the options market expects the Bitcoin ETF to move. It says nothing about what holding a perp costs.
Source: cointelegraph — IBIT options price trading more calmly after Bitcoin rebound