Options Boom Returns to 2021 Levels: Can Bitcoin Double Again?

About $700 billion in underlying share value now trades each day in single-stock options, a level not seen since 2021. Bitcoin (BTC) doubled that year, moving from roughly $29,000 to near $65,000 while the options boom was in full swing.

The Wall Street Journal reported that the figure came from Carrick Lane, an investment manager specializing in options. Bitcoin has yet to emulate that performance.

Did Bitcoin's 2021 Gain Depend on the Options Boom?

The 2021 stock boom, the Journal reported, stemmed from a post-Covid wave of retail traders moving into derivatives.

In that period, bitcoin more than doubled, starting from around $29,000 at the close of 2020. Its April record came close to $65,000.

Bitcoin's rally and retail fervor coincided, but the available data does not indicate that either caused the other.

The Journal reported that retail sentiment currently matches 2021 levels. According to the American Association of Individual Investors, 40.3% of investors surveyed anticipate higher stock prices in the next six months.

Why Does Bitcoin Lack Retail Demand This Cycle?

Bitcoin's price currently hovers just below $84,000. On October 12, U.S. spot bitcoin ETFs saw $65.40 million in net outflows, according to crypto data tracker SoSoValue.

All of that outflow came from BlackRock's iShares Bitcoin Trust (IBIT). SoSoValue data shows that over the 13 sessions ending October 9, bitcoin ETF inflows had amounted to just around $232 million.

Ethereum (ETH) spot ETFs also recorded $85.39 million in outflows, marking a tenth straight day of net losses, according to SoSoValue.

According to SoSoValue, U.S. Bitcoin spot ETFs logged a total net outflow of $65.40 million on October 12 (EDT), led by BlackRock's IBIT with a net outflow of $65.40 million. Meanwhile, Ethereum spot ETFs recorded a total net outflow of $85.39 million yesterday, extending their…

— Wu Blockchain (@WuBlockchain) October 13, 2026

According to analysts, 2026 retail trading is focused on a small number of stocks instead of being broadly distributed. Nevertheless, risk-averse investors remain in equities, with a dividend ETF leading Charles Schwab clients' purchases in September.

Citadel Securities data suggests that retail trading typically picks up in October following a summer lull. Whether bitcoin funds can absorb some of that activity may determine if the cryptocurrency repeats its 2021 performance.