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The volume of cryptocurrency derivatives has just reached a new record

June 5, 2020

The monthly volume of cryptocurrency derivatives rose by a third in May and set a new record According to CryptoCompare, the UK data aggregator, $ 602 billion.

The new record is slightly above the previous record of $ 600 billion in March.

Derivatives are becoming increasingly popular and now they represent them 32% of the cryptocurrency market compared to 27% in April. The percentage increase in derivatives volume in May was six times larger than the increase in spot volume, that rose 5% to $ 1.27 trillion.

The volume of cryptocurrency derivatives has just reached a new recordThe volume of cryptocurrency derivatives has just reached a new record

Huobi, OKEx and Binance together made it round 80% of the derivatives volume for May. Expressed in percent CME had the highest monthly increase, at 59%. Even though market leader Huobi reduced its $ 7.2 billion volume, making it 29% monthly profit $ 176 billion.

Considering the options

Options market

The volume of institutional options on the regulated CME platform also reached a record level in May. 16 times over the April numbers, up to a new monthly maximum of 5,996 contracts negotiated. The platform broke a new daily record on May 28 with 1,418 Bitcoin option contracts CME. The volume of options Derebit doubled to $ 3.06 billion in May.

There can only be one

CME volume

Some were highlighted in the CryptoCompare report remarkable changes in the world of stable coins, USDC and PAX are experiencing massive volume declines versus BTC. USDC fell 78% this month, while PAX lost 97%. USDT is taken into account the largest stable coin that can be exchanged with BTC, with 98%.

The most important day of the month was as expected Halving Day Eve andl May 10th who saw a sharp increase in spot market settlement to around $ 64.7 billion. In this context, it is slightly below the main trading day in April ($ 66.2 billion) and well below Black Thursday in March ($ 75.9 billion).