In the past week, daily trading volumes for options and futures crypto derivatives have surged, reaching record highs on various exchanges.
On February 29, Deribit, a crypto derivatives exchange, reported a 24-hour trading volume of $12.4 billion, an all-time high. Additionally, the open interest (OI) on the platform surpassed $29 billion, another record. Deribit’s client assets also reached $4 billion.
Coinbase Institutional, a US-regulated futures exchange, experienced its second-best day with $380 million in notional volume traded in Bitcoin and Ether contracts on February 29. This trading activity involved a record 850 unique end-users.
Greeks Live, a professional options trader’s tooling platform, reported a historic 24-hour high options trading volume of $620 million.
Despite the spot bull market driven by US spot Bitcoin exchange-traded funds (ETFs), options volume positions are rising modestly. The market structure remains healthy due to solid inflows.
Every Friday marks crypto options expiry day, with approximately 32,000 BTC options and 235,000 ETH options contracts expiring on March 1, totaling a notional value of $1.9 billion and $793 million, respectively.
While spot Bitcoin ETFs had a solid week, with some recording trading volumes exceeding $2 billion, Grayscale’s ETF experienced a near $600 million outflow on February 29. This resulted in the net inflow for all 10 ETFs dropping to $93.8 million, the lowest level since February 6. However, BlackRock’s Bitcoin fund saw net inflows of $604 million on the same day, surpassing Grayscale’s outflows and the net inflows of all other ETFs combined.
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