Crypto derivatives volume sets a new record in August
By Bob Garcia
The cryptocurrency space continues to become more active, especially when numbers reach new heights
Last month recorded a surge in the volume of cryptocurrency being traded, and the main reason is that crypto-based derivative products have hit all-time highs in August, according to a report released by CryptoCompare. Today, the firm published its monthly Exchange Review that provides insights into the crypto exchange industry. Besides that, the report also includes a few metrics pertaining to the exchanges and a comparison among them.
Among the most relevant findings from this report, August hit a historic surge in the traded volume on derivatives exchanges, which rose 58% compared to the previous month. The monthly volume hit the $712 billion mark, so it has crushed the record that was reached in May this year with $602 billion. CryptoCompare describes the bulk of derivative trading happening on exchanges to be Top-Tier. “Huobi (up 44.7 percent), OKEx (up 69.1 percent) and Binance (up 74.0 percent) led with $208.5bn, $190.8bn and $184.6 billion traded, respectively. BitMEX traded $72.5bn (up 43.6 percent) in August,” explains the London-based data analytics firm.
Besides that, what CryptoCompare call “Lower-Tier” transactions also reported a significant surge, up to $291 billion, which is a 30% month-over-month increase. Particularly, these figures are believed to be directly related to the increase in the value of Bitcoin that has rallied to $12,000. The derivatives share of the crypto market rose a little over 40%, while spot volumes still have the majority of it – 60% of the total market turnover. Regarding the number of contracts traded last month on the Chicago Mercantile Exchange, there was an 8.4% increase for a total of 2,704 contracts that were traded within the month.