Bitcoin options volume at Deribit already exceeds 25% of 2020 total

Charlie Taylor

In the first two weeks of 2022 alone, bitcoin futures broker Deribit has already reached 25% of the total volume recorded in 2020, according to the latest released data.
In addition to reaching a daily record of $ 2 billion traded on Monday (11), the total volume in the last two weeks was $ 14.5 billion as of Tuesday morning. In 2020, all bitcoin options traded at Deribit totaled just under $ 57 billion.
Contributing to its huge growth last month, the Panama-based exchange now offers traders sky-high bitcoin bets reaching $ 300,000 on December 31.

At the end of December 2020, Deribit investor and CEO of Three Arrows Capital, Su Zu, predicted that by 2022, “the volume of options markets will become more than 50% of all cryptocurrency derivatives markets.” Perpetual cryptocurrency futures contracts have registered more than $ 190 billion in the past 24 hours, according to CoinGecko.Coinext 760x150

Simultaneously with the increase in volume, bitcoin's implied volatility is increasing, according to data from Skew. The one-month indicator is currently above 135%, its highest level since March 2020, just after bitcoin fell below $ 4,000 at the start of the covid-19 crisis.
Daily volume of bitcoin options at Deribit. Source: Skew and Coindesk Research.Daily volume of bitcoin options at Deribit. Source: Skew and Coindesk Research.
Ethereum options, while representing a significantly smaller market, are experiencing similar growth with a record $ 264 million traded on January 4, according to Skew data, an increase of more than 2,700% over three months ago.
Deribit routinely accounts for more than 85% of the daily options volume, with OKEx typically second in the options market, representing around 5% of the daily volume.
Outside the derivatives markets, all cryptocurrency trading volumes in general are rising, with spot markets reaching record levels, even past the 2017 peak, according with CoinDesk Research.
See also: Bitcoin is in a bubble, says CEO of DoubleLine Capital


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