<

CryptoCompare: Cryptocurrency derivatives across all platforms soared in May, increased 32% to ATH at $602 billion

According to reports from CryptoCompare, cryptocurrency derivatives volumes across all platforms soared in May. Volumes for all crypto derivatives increased 32% in May to an all-time high at $ 602 billion. This figure surpassed the previous record in March 2020.

Cryptocurrency derivatives trading volume reached a new monthly ATH in May 2020

Total spot volumes increased only 5% to $ 1.27 trillion in May, which meant that derivatives represented 32% of the market, compared with 27% in April. May saw volumes on regulated platform CME soar, recovering substantially from a lull in April.

cryptocompare-cryptocurrency-derivatives-across-all-platforms-soared-in-may-increased-32-to-ath-at-602-billion

Source: CryptoCompare

Options are one area seeing particularly impressive growth. CME total options volumes reached an all-time monthly high of 5986 contracts traded in May. This figure represents 16 times that of April’s volumes. CME futures volumes have also recovered since April, increasing 36% (number of contracts) to reach 166,000 in May.

The growth of CME in May is quite impressive, but this can also be attributed to a severe lack of interest in April. After Black Thursday in mid-March, when most crypto assets lose a significant portion of their value, the volume levels have dropped, both in the future and option trading on the regulated platform.

June has also begun to be quite positive for CME as data from Skew noted that on the 3rd of the month, Bitcoin futures trading volume on the platform was nearly $ 800 million.

Additionally, the report stated:

“Exchanges that charge traditional taker fees represented 77% of total exchange volume in May, while those that implement Trans-Fee Mining (TFM) represented less than 23%. Last month, fee-charging exchanges represented 78% of total spot volume.”

cryptocompare-cryptocurrency-derivatives-across-all-platforms-soared-in-may-increased-32-to-ath-at-602-billion[1]

Source: CryptoCompare

Binance is very potent, with a 58% increase, followed by BitMEX, FTX, and OKEx. Interesting fact, Binance is beating BitMEX for the second consecutive month. Besides, Binance was the largest Top Tier exchange by volume in May, trading $ 57.2 billion (up 18.2%). This was followed by OKEx trading $ 52.1 billion (up 25.7%), and Coinbase trading $ 11.2 billion (up 22.4%). However, Huobi remains the leader in the most significant derivative trading volume. OKEx and Binance followed closely.

cryptocompare-cryptocurrency-derivatives-across-all-platforms-soared-in-may-increased-32-to-ath-at-602-billion[2]

Source: CryptoCompare

The BTC / USDT pair represents the majority of BTC traded into stablecoins at 98%

The report stated:

“BTC / USDC and BTC / PAX have lost the market share gained in previous months and now only represent less than 2% combined.”

cryptocompare-cryptocurrency-derivatives-across-all-platforms-soared-in-may-increased-32-to-ath-at-602-billion[2]

Source: CryptoCompare

Besides, Bitcoin is currently traded to USD and JPY up 12% per USD, while EUR and KRW markets surged 17% and 21%, respectively. Stable currencies like USDC and PAX have registered to reduce the total volume of transactions in the leading cryptocurrency. Although the BTC / USDT pair also fell 7% in May, it still represented the majority of BTC traded as stablecoins at 98%.

Moreover, the continuous growth of derivative transactions is quite strong, currently accounting for 32% of the entire market, while in April, it accounted for only 27%.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS