Home Crypto News Bitcoin Option Volumes Hit Fresh Records, Bakkt Saw Zero Turnover

Bitcoin Option Volumes Hit Fresh Records, Bakkt Saw Zero Turnover

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Bitcoin choices contracts are nearing the $200 million benchmark, volume-wise, as crypto-data analytics agency Skew says the cryptocurrency spinoff has touched a brand new all-time excessive yesterday. With $198 million price of contracts offered in a single day, BTC choices turnover on Monday has taken out the earlier report excessive of $171.3 million set final month.

Skew information additionally exhibits that Panama-based crypto platform Deribit continues to keep up its dominance with its metrics having dwarfed volumes on competing exchanges, together with institutional marketplaces like CME and Bakkt. Specifically, Deribit has dealt with $170 million of whole possibility volumes, commanding greater than 85 p.c of the market share worldwide.

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The derivatives markets researchers from Skew have additionally recorded the choices motion on the likes of Bakkt, CME, OKEx, and LedgerX.

Subdued exercise at Bakkt

Bakkt noticed zero buying and selling volumes within the final two weeks because the ICE-owned crypto startup continues to see a subdued efficiency of its not too long ago launched bitcoin choices. The final traded day for the BTC choices at Bakkt was February 27, when lower than ten tons received traded.

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Bakkt rival CME Group, however, continues to see higher curiosity for its bitcoin choices. CME’s choices began buying and selling on January 13 and {the marketplace} noticed a grand whole of $2.1 million offered on Monday.

Since Bitcoin printed highs above $10,000 in early February, the cryptocurrency has been caught inside a agency downtrend that has pushed it all the way down to as little as $7,700. Coupled with the dual risk of coronavirus outbreak and oil worth conflict, Bitcoin’s worth motion all through the primary quarter has drastically altered its bullish prospects, as buyers at the moment are broadly betting that the continuing drop extends considerably additional. The shockwaves rattled buyers, sending extra volumes towards crypto derivatives.

The CME additionally supplied up to date metrics about its Bitcoin futures, which averaged 6,500+ contracts per day in 2019 (equal to round 32,500 Bitcoin), apparently representing institutional curiosity.

Both futures and choices are a method for buyers to guess on the tendencies of bitcoin worth with out having to really maintain the digital foreign money, which skirts regulatory and custodian points. However, futures are usually riskier than choices as the one monetary legal responsibility for the latter is the premium paid on the buy time. Futures contracts, however, contain most legal responsibility.

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