Digital currency derivatives were booming for the past two weeks and on Sunday Ethereum future contracts set an all-time high. According to the data from Skew.com and CME Group, a new record of the all-time high for crypto derivatives was observed on Debrit. Debrit is a popular cryptocurrency trading platform. Skew also mentioned that the probability of the Options-based ETH will be greater than $960 at the year-end = 5%.
Tim McCourt of CME group during an interview when asked about interest stated that as the next wave of more sophisticated participants will enter the crypto space, the volume, without doubt, will shift towards the safer and more trustworthy venues.
Debrit, a popular crypto derivatives trading platform witnessed 1.9 million ETH contracts trade. Crypto derivatives or digital derivatives are a form of financial contract between the parties which is based on the future prices of the underlying assets. CME Group, another exchange platform, is now the third-largest exchange when measured in terms of bitcoin futures open interest.
A bright time for CME group
Data from the internet shows that both Futures and Options are seeing significant demand in 2020. Statistics by CME Group, Debrit, Skew.com, and similar big platforms of the crypto world indicate there is also growth and demand in the crypto derivatives contract. According to this, a lot more action can be seen in the trading world of crypto. In a recent newsletter by Debrit, it shows that the firm has $ 4.3 billion in trading turnovers of Options for July.
The platform’s open interest also touched a massive $2.3 million for Debrit. With more positive news for the bitcoin traders, Skew stated that now the cash and carry bitcoin future is yielding 25% at present. Analytics firm Skew.com in a tweet stated that the ETH futures reached an all-time high on Sunday.
CME group; a trading platform reached the 3rd global ranking in terms of open bitcoin interests. Now only behind Bitmex and Okex in the competition. The Group also tweeted that a new open interest record of 13,104 contracts was achieved and Institutional interest in the bitcoin future is growing rapidly.
A gap between the CME Group futures chart, $11450 to $11600 was later filled when a BTC value slide of 10.9% on Sunday occurred. Skew stated that the September of derivative future holds itself in a premium spot. And the industry may be historically crypto rich but it still is fiat poor which may lead to USD driving the borrowing rates even higher. As the demand for Future and Options keeps accelerating, many ETH and BTC trades seem bullish.
