Cryptocurrency exchange Bybit has dramatically strengthened its position in the Bitcoin futures market. In terms of open interest in this product, this marketplace moved up to the second place, beating the OKEx platform and the Chicago Mercantile Exchange (CME).
According to Skew, Bybit now accounts for about 16.1% of open interest in bitcoin futures ($ 3.53 billion).
Note that interest in this product has recently exceeded $ 20 billion. Now, this figure is just over $ 21.3 billion.
The first place is traditionally occupied by the Binance exchange (17.5%). The OKEx and CME platforms account for 2.93% and 2.77% of open interest in BTC futures.
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In December and January, the Chicago Stock Exchange took second place in this rating. It is this trading platform that most attracts institutional investors entering the crypto sphere.
The loss of positions at the end of winter was a direct result of the weakening of institutional activity, observers say. Analysts at JP Morgan Bank recently found that retail investors bought over 187,000 bitcoins, while financial institutions bought 173,000 coins.
At the moment, the Bybit exchange has offices in many Asian countries.
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Over the past five months, this platform has shown a significant increase in trading. According to its press center, up to 70% of transactions on the exchange are made by retail traders, and 30% of transactions are made by institutional ones.