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%.