The crypto derivatives market is dominated by Bitcoin (BTC) and Ether (ETH), with the main platforms being Huobi, Chicago Mercantile Exchange, OKEx, Bybit and Deribit. The CME has also dipped in the Ether pool by launching its Ether futures on Feb. 8, which amounted to $30 million notional volumes on the first day.
Prior to this launch, there was a huge $1-billion options expiry on Feb. 5, which lead to bulls targeting the $40,000 price range, according to the underlying options data. But this expiry was superseded by Elon Musk tweeting in support of Bitcoin just after the expiry event; this did indeed allow Bitcoin to pass the $40,000 mark before going into new all-time highs due to Tesla’s purchase of $1.5 billion worth of BTC.
Luuk Strijers, chief commercial officer of crypto derivatives exchange Deribit, told Cointelegraph: “The usage and popularity of options is growing, which can be seen from the ever-increasing open interest numbers, volumes and number of clients trading.” He further added: “The bigger the expiry, the higher the likelihood of an impact on the underlying market.”
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