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Gate.io, Huobi Enter Booming Crypto Options Scene
The two exchanges are moving into the crypto options scene, which continues to grow as volumes on spot and futures markets spiral.
As the crypto options market explodes, crypto exchange Gate.io opens its new options trading feature and rival Huobi preps for a launch later this year.
STORY CONTINUES BELOW
- Chicago's Gate.io said Tuesday its first bitcoin options contract had been released, with short-term expiries of up to 24 hours.
- This comes as crypto options volumes went from $200 million in August 2019 to over $3 billion in May 2020, according to data site CryptoCompare. Following the bitcoin halving, options volumes settled at $2.5 million last month.
- In contrast, trading volumes in the crypto spot and futures markets have fallen by over a third as volatility has spiraled to a yearly low.
- Singapore-based exchange Huobi, which already offers futures and perpetual swaps, also said Tuesday it plans to launch bitcoin options contracts sometimes in the third quarter and contracts for other cryptocurrencies could soon follow.
- The contracts are currently in alpha testing, the exchange said in a statement.
See also: Bitcoin Options Market Faces Record $1 Billion Expiry on Friday
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing. Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
