The second-largest cryptocurrency by market capitalization, Ethereum has a massive record throughout September. Reports shows it outpaced the flagship cryptocurrency in terms of open interest across cryptocurrency derivatives products.
More so, Ethereum Derivatives Open interest has 4.8% increase to $5.8 billion in just last month. Of course, this is according to CryptoCompare’s September 2021 Exchange Review. Meanwhile, open interest in bitcoin derivatives declines to 3.7% since August to $11.9 billion.
Furthermore, Bitcoin perpetual futures contracts sees total open interest declining 1% to $7.7 billion. On the other hand, open interest in Ethereum perpetual futures see 3.7% increase to $4 billion. However, Binance leads the derivatives market last month with 56.1% of the total trading volumes. Which of course, amounts to $1.9 trillion.
More so, Regulated futures exchange CME has the highest open interest for BTC futures products at $1.6 billion. While, Okex follows behind by $1 billion. Additionally, CME makes market share gain from Ethereum futures market. Notably, with its average open interest for Ethereum products seeing 10.5% increase to $678 million. Subsequently, its open interest in BTC products drops to 3.1% from August.
Additionally, September spot trading volumes from Top-Tier cryptocurrency trading platforms climbs 6.2% to $2.5 trillion. While of course, spot volumes for Lower-Tier platforms sees 7.5% increase to $246 billion. All information from CryptoCompare’s report. So, Top-Tier exchanges now amounts to 91.2% of the space’s total spot volumes.
Conclusively, Spot volumes from the top 15 cryptocurrency exchanges sees 10.8% increase on average. Of course, adding with Binance being the largest Top-Tier spot exchange by trading volume last month.
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