March is a record month for BTC futures and options trading

by in Cryptocurrency News

BTC

The cryptocurrency derivatives market continues to expand, as evidenced by the sharp rise in the volume of Bitcoin futures and options trading.

In a report from the Block Research team, March turned out to be a record month in terms of the activity of institutional investors interested in crypto-focused products.

The researchers found that Bitcoin futures trading volume reached $ 2.13B last month, a new high. The previous record was observed in January 2021. This time, the number of transactions was 1.9% higher.

Binance, Huobi, and OKEx are among the top three crypto exchanges in terms of derivatives. These platforms provided 33.84%, 22.32%, and 13.75% of the total crypto derivatives market share.

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Compared to February last month, bitcoin options are up 16.19%. Trading volume reached $ 28.63B in March.

A little more than 96% of all transactions were made by investors on the Deribit exchange. OKEx and the Chicago Exchange (CME) gained only 3.37% and 2.02% of the BTC options market.

Note that bullish sentiments are gaining momentum in the options market.

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Some players expect Bitcoin to rise to $ 80,000 by the end of April. According to Skew, the probability of reaching this psychological mark at the end of March was 6.19%.