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Bitcoin Options Contract Volumes witnesses a 79% surge in September

Photo of: Dennis Ramos
by Dennis Ramos

CryptoCompare has given its monthly updates again and this time for Bitcoin Options Contract. As per its report, a total of 4,872 bitcoin options contracts were traded on the Chicago Mercantile Exchange Bank in September this year. This was a major up from last month that recorded 2,717 bitcoin options contracts in August. 

CryptoComparre’s Exchange Review is a monthly affair that tallies down the cryptocurrencies to figures and data for effective decision making. It shows live streaming princes, charts, and analysis from all top crypto and Bitcoin exchanges It also compares mining equipment, mining contracts, and wallets. 

The 79.3% increase was recorded in a month and within this span, the iconic and oldest cryptocurrency successfully sustained itself afloat between the price range $10,000 and $11,000. Given the price behavior, CME’s BTC futures contract volumes were actively steady but a marginal drop was noticed compared to August. This month 201,893 bitcoin futures contracts were exchanged on the exchange, a little lower from 203,867 in August.

Source: CryptoCompare

The reports state that in terms of total USD trading volume, CME’s cryptocurrency derivatives products witnessed a decrease of 10.9% to $11.02 billion in December. Comparing this to Binance which also right now is the largest crypto derivatives trading platform for September, it traded at $164.8 billion in the entire month. The volume had dropped 10.7% as compared to august. The other top derivatives exchanges although remained in the top 4 after Binance, like Huobi took a hit last month. We reported that while Binance stayed on top, Huobi was a quick second, trading at $156.3 billion which was down by 25.8% less as compared to August. OKEx finished third again down by 18.5% at $155.7 Billion. BitMEX came fourth down by 30.7% to $56.4 billion. 

CryptoCompare detailed that cryptocurrency derivatives trading volumes had taken a blow with a 17.5% decrease in September down to $634.9 billion. Even the spot volumes decreased by the same percentage taking it down to $676.6 billion. The downtrend had reverberated its effect on even the Derivatives exchange which bore the brunt. 

Despite the downturn in the market, FTX saw its trading volume go up by 12% in September to $23.89 billion. It is a straight case of bucking the trend due to which such strong numbers were seen despite the slump. BitMEX also is not in a good position to recover, leave alone sustaining the present condition. Bitreporter had informed last week that the U.S Commodity Futures Trading Commission (CFTC) announced that it had brought charges against “five entities and three individuals” that own and operate it.

The news obviously did not go down too well, and traders began withdrawing a large part of their funds. They withdrew more than $330 million in Bitcoin equating to 32,300 BTC after the CFTC announcement. Glassnode reported that in a single hour around 13% of BitMEX’s vaults were emptied as the traders withdrew 23,200 BTC making it the largest BTC hourly outflow!