The crypto options market is projected to grow by 97%, driven by increasing institutional interest, according to Sidrah Fariq of Deribit. Currently, options account for only 2.8% of the crypto derivatives market. The launch of spot Bitcoin ETFs in January 2024 has significantly boosted institutional participation, with Deribit's institutional business share climbing to 85% over the past three years. Despite the growth potential, the Bitcoin Derivatives Volatility Index (BTC DVOL) has remained below 100 since 2022, indicating reduced market volatility. Augustine Fan from Signalplus describes the options market as still in its early stages, with substantial expansion anticipated as institutional involvement continues to rise.