IBIT Options History — September 2025

In September 2025, IBIT traded between $61.91 and $66.62. ATM implied volatility averaged 36.5%, placing in the 11.5% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded above realized volatility by 3.8% (HV 20d: 32.6%). Max pain ranged from $60.00 to $62.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.42.

Notable Days

2025-09-25: Highest Volume — 927,772 contracts
2025-09-22: Largest IV spike — 10.9% change
2025-09-25: Highest IV Rank — 20.9%
2025-09-25: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$64.26	$61.91	$66.62	$62.84	$64.92
Max Pain	$61.38	$60.00	$62.00	$60.00	$62.00
ATM IV	36.5%	33.7%	39.5%	37.8%	37.2%
Expected Move	10.5%	9.6%	11.3%	10.8%	10.5%
HV 20d	32.6%	25.3%	36.4%	36.2%	30.5%
HV 60d	31.2%	30.1%	32.8%	32.8%	31.7%
IV Rank	11.5%	2.9%	20.9%	15.4%	13.6%
IV Percentile	10.4%	2.0%	24.9%	12.0%	16.0%
Term Structure	0.6%	0.1%	1.4%	0.4%	0.7%
VWIV	37.2%	34.1%	39.6%	38.8%	37.1%
Skew 25d	3.2%	1.6%	4.1%	4.1%	3.3%
Skew 10d	8.0%	4.4%	10.6%	10.5%	7.6%
Call IV 25d	35.9%	33.3%	38.6%	37.0%	36.6%
Put IV 25d	39.1%	35.4%	42.5%	41.1%	39.9%
Bid-Ask Spread %	3.06	1.53	21.20	3.35	2.05
Gamma HHI	0.09	0.05	0.21	0.05	0.21
Net GEX	257.0M	125.2M	467.0M	138.0M	467.0M
Net DEX	-6.65B	-9.56B	-4.19B	-4.59B	-8.13B
Net VEX	-41.7M	-45.5M	-38.0M	-38.0M	-45.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.17	0.67	0.44	0.51
Total Volume	598,467.524	286,933	927,772	450,681	800,045
Total OI	5,707,098.429	4,978,621	6,305,897	4,978,621	6,208,862

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$62.84	$60.00	37.8%	10.8%	36.2%	15.4%	38.8%	4.1%	0.4%	138.0M	-4.59B	-38.0M	0.44	3.35	312,392	138,289	3,216,377	1,762,244
2025-09-03	$63.56	$60.00	37.0%	10.6%	36.3%	13.0%	37.5%	3.2%	0.1%	177.9M	-5.28B	-38.9M	0.57	3.25	215,251	123,758	3,310,660	1,812,422
2025-09-04	$62.34	$62.00	37.7%	11.0%	36.4%	15.3%	38.2%	4.0%	0.2%	136.2M	-4.19B	-38.4M	0.54	2.20	317,400	170,707	3,368,583	1,847,066
2025-09-05	$63.28	$62.00	36.4%	10.7%	36.1%	11.3%	38.1%	3.4%	0.2%	213.3M	-5.11B	-38.7M	0.31	2.27	592,183	184,001	3,402,295	1,873,646
2025-09-08	$63.71	$61.00	36.6%	10.6%	36.2%	11.8%	37.7%	3.4%	0.4%	178.7M	-5.44B	-38.0M	0.17	2.18	678,733	114,777	3,329,044	1,819,623
2025-09-09	$63.22	$61.00	36.8%	10.7%	35.1%	12.3%	37.8%	3.7%	0.5%	201.6M	-5.46B	-39.5M	0.33	2.11	215,490	71,443	3,772,897	1,856,528
2025-09-10	$64.44	$61.00	35.4%	10.4%	35.9%	8.2%	36.6%	3.6%	0.9%	291.7M	-6.80B	-40.7M	0.38	2.54	389,719	146,490	3,823,003	1,875,719
2025-09-11	$65.00	$61.00	34.7%	10.2%	34.7%	6.1%	38.0%	3.5%	0.9%	334.9M	-7.62B	-40.9M	0.67	2.02	316,286	210,922	3,944,955	1,881,596
2025-09-12	$66.31	$61.00	35.5%	10.4%	33.3%	8.4%	37.1%	1.8%	0.9%	398.2M	-9.47B	-43.5M	0.30	2.04	613,190	183,015	4,045,804	1,960,352
2025-09-15	$65.56	$61.00	35.5%	10.3%	33.4%	8.4%	37.7%	2.2%	0.5%	290.6M	-8.19B	-42.3M	0.44	2.36	278,830	122,320	3,978,508	1,881,994
2025-09-16	$66.30	$61.00	36.6%	10.5%	33.5%	11.9%	37.6%	2.3%	0.1%	340.0M	-9.12B	-43.0M	0.60	1.53	397,947	240,324	4,062,709	1,922,175
2025-09-17	$65.66	$61.00	35.1%	10.1%	32.4%	7.4%	35.7%	2.0%	0.8%	320.4M	-8.30B	-43.2M	0.22	1.79	454,121	101,409	4,121,878	1,942,144
2025-09-18	$66.62	$61.00	33.7%	9.6%	32.7%	2.9%	34.1%	1.6%	0.8%	433.6M	-9.56B	-43.5M	0.34	1.75	413,459	142,124	4,204,721	1,983,095
2025-09-19	$65.38	$62.00	34.1%	9.7%	32.8%	4.2%	34.1%	3.0%	0.8%	307.1M	-7.83B	-42.1M	0.36	21.20	513,607	185,320	4,287,685	2,018,212
2025-09-22	$63.61	$62.00	37.9%	10.8%	30.7%	15.7%	38.0%	3.6%	0.2%	168.4M	-5.44B	-41.5M	0.47	2.04	434,006	203,387	3,552,412	1,659,908
2025-09-23	$63.36	$62.00	37.4%	10.6%	25.3%	14.1%	37.6%	3.9%	0.7%	177.8M	-5.54B	-42.3M	0.46	1.92	295,445	135,597	3,752,761	1,737,799
2025-09-24	$64.34	$62.00	36.3%	10.2%	25.9%	11.0%	36.1%	3.4%	1.4%	229.9M	-6.63B	-44.5M	0.40	1.80	332,033	131,142	3,849,795	1,843,810
2025-09-25	$62.14	$62.00	39.5%	11.3%	28.6%	20.9%	39.6%	4.0%	0.5%	129.1M	-4.61B	-43.3M	0.32	2.03	704,007	223,765	3,969,077	1,860,183
2025-09-26	$61.91	$62.00	37.8%	10.7%	28.6%	15.6%	37.7%	4.0%	0.5%	125.2M	-4.40B	-42.7M	0.48	1.92	491,389	236,904	4,225,299	1,898,750
2025-09-29	$64.91	$62.00	37.3%	10.4%	31.1%	14.1%	36.6%	2.5%	1.1%	338.3M	-8.03B	-44.9M	0.48	1.81	498,269	238,322	4,137,585	1,846,891
2025-09-30	$64.92	$62.00	37.2%	10.5%	30.5%	13.6%	37.1%	3.3%	0.7%	467.0M	-8.13B	-45.5M	0.51	2.05	530,156	269,889	4,285,014	1,923,848