The cryptocurrency futures market has experienced unprecedented activity with several exchanges reporting record-breaking volumes. Deribit, a prominent crypto futures exchange, disclosed that it had achieved its highest daily trading volume of $12.4 billion. This surge in trading volume has coincided with a notable increase in market interest.
Rising Market Engagement
In addition to the volume, Deribit also observed that the total open interest on its platform surpassed $29 billion for the first time, indicating a growing commitment from traders. Furthermore, the exchange celebrated the milestone of their customer assets reaching the $4 billion mark.
Coinbase Institutional, a regulated US futures exchange, also reported significant activity, recording its second-highest day in history with $380 million in Bitcoin and Ethereum contract trades. Meanwhile, Greeks Live, a tool for options investors, announced a record 24-hour options trading volume of $620 million, attributing this rise to the influence of US spot Bitcoin ETFs on the market.
The expiry of crypto options contributes to this volume, with Deribit seeing around 32,000 Bitcoin options and 235,000 Ethereum options reaching their expiration dates. Spot Bitcoin ETFs also showcased strong performance with volumes exceeding $2 billion, despite a substantial outflow from Grayscale’s ETF fund on a single day.
BlackRock’s Bitcoin fund outshone others with net inflows of $604 million on the same day, offsetting the outflows from Grayscale’s ETF fund and dominating the inflows compared to other ETFs combined.