Cryptocurrency derivatives products have been greenish, following the recent bullish rally in the market. Open Interest in the Futures product for the largest cryptocurrency, Bitcoin recently noted a significant spike to $5.58 billion. Today, Open Interest in Ethereum Futures has seen a similar spike to a new all-time high (ETH).
Open Interest in Ethereum Futures Nails $1 Billion
The market data from Bybt, a derivates data provider, has informed that Open Interest in Ethereum futures has reached a new ATH of $1.47 billion, across all the derivatives platforms. OKEx, Huobi, BitMEX, FXT, and Binance dominates a larger share of the market, as shown by Bybt.
OKEx has the lion share of the entire market. It accounts for 21.88 percent of Open Interest in Ethereum Futures, with about $321.4 million. Huobi accounts for 20.96 percent ($307.77 million) of the market. BitMEX, FXT, and Binance account for 275.03 million, $208.36 million, and $146.83 million respectively.
Not just for Ethereum Futures, the ETH Options market has also seen significant growth over the past months. However, Deribit exchange holds almost all the market share, at 90 percent.
Crypto Derivatives Boom
As earlier mentioned, Bitcoin also noted a significant increase in Open Interest on the Futures market. At the time of writing, the value is $5.51 billion, according to Bybt. Open Interest indicates how well capitals flows in and out of the market. An increase in BTC or ETH Futures Open Interest translates to more capital flows in the market.
Thus, the growing Open Interest across Bitcoin and Ethereum Futures is relatively an indication that demand in the market is getting stronger. Meanwhile, other cryptocurrencies like Ripple (XRP) sees a total of $223.34 million in Open Interest. Bitcoin Cash (BCH) sees $203.73 million, led by OKEx exchange at 34.69 percent.