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Crypto Trading of Derivatives in June Surpass Spot for First Time This Year
While volume was down across both sectors, monthly derivatives volume exceeded spot for the first time this year.
Cryptocurrency derivatives, such as futures and options, have surpassed the number of coins traded in spot markets for June, according to a monthly report by CryptoCompare.
STORY CONTINUES BELOW
- Trading volumes, which have closely followed the decline in bitcoin, slumped across both spot and derivatives markets during the month when compared to May.
- In June, spot volumes decreased by 42.7% while total derivative volumes decreased 40.7%, CryptoCompare reported.
- This was also the scenario for bitcoin and ether futures open interest, which fell to 31.8% and 29.3%, respectively.
- While volume was down, monthly derivatives volume exceeded spot this year for the first time, Bloomberg reported Tuesday.
- Open interest for futures across all products fell 40.9% month over month to $16.4 billion. That marks the lowest level since January this year.
- Derivatives volumes also slouched 40.7% in June to $3.2 trillion, while total spot volumes decreased by 42.7% to $2.7 trillion, CryptoCompare reported.
Read more: Huobi Reveals Countries Where It Has Halted Derivatives Trading
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
