The month of May was good for cryptocurrency derivatives markets as volumes across all platforms soared. The increase in volumes for all crypto derivatives last month was 32 percent thereby attaining a lifetime high totaling $602 billion.
Recently, BitMEX noted an increase in market share of cryptocurrency derivatives (32 percent last month from 27 percent in April) as well as a 5 percent increase in aggregate spot volumes to $1.27 trillion last month. Out of all the derivatives exchange, Huobi recorded the biggest trading volume last month, totaling $176 billion which represents a 29 percent from the aggregate volume in April.
The trading volume recorded by OKEx increased by 33 percent totaling $152 billion while Binance recorded a 58 percent increase totaling $139 billion. BitMEX was previously the leader of the market but it recorded only $94.8 billion trading volume in May, which represents a 37 percent increase relative to the value in April.
The entry of institutional player CME into the derivatives market contributed to the market’s growth. CME recorded a 59 percent rise in trading volume to $7.2 billion, a monthly increase more than other regulated and non-regulated derivatives exchanges.
None of the leading exchanges recorded a high daily volume in spite of the huge rise in volume since April to reach a lifetime high. Nevertheless, on May 10, Deribit recorded the highest daily volume of $196 million in options. Its monthly options volume attained a fresh lifetime high of $3.1 billion in May, representing a 109 percent increase from $1.5 billion in April.
Likewise, both the Top Tier exchange and Low Tier exchange volumes increased by 12.6 percent and 0.2 percent to $275 billion and $858 billion, respectively. Binance is the Top Tier exchange that recorded the highest volume last month (18.2 percent to $57.2 billion).
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