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Ethereum Overtakes Bitcoin in Derivatives Open Interest According to CryptoCompare Report

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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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.