Derivatives trading volumes in the cryptocurrency space hit a new all-time high of $1.43 trillion in December, after rising 8.6% when compared to the previous month. In December, it’s worth noting, the price of BTC surged to $29,000.
CryptoCompare’s December 2020 Exchange Review, reveals that while derivatives trading volumes surged to a new all-time high of $1.43 trillion, total spot volumes increased by 30% to $1.19 trillion.
Binance was the leading derivatives exchange last month, with a monthly trading volume of $451 billion, up 12.5% since November. It was followed by OKEx, which traded $282.2 billion, and Huobi, which traded $269.3 billion. While OKEx’s volume went up 21.8% compared to last month, Huobi’s dropped 7.6%.
Derivatives trading platforms also hit a new daily record last month, as on December 17 daily trading volume hit $91.92 billion. While the volume is significant, CryptoCompare adds, it did not break the previous record set on November 26, when $93.6 billion were traded.
The top four crypto derivatives trading platforms – Binance, OKEx, Huobi, and Bybit – represented 76.8% of the volume traded on December 17. As for open interest, OKEx led the market overall, with an average of $1.8 billion. It was followed by Binance’s $1.7 billion and CME’s $1.3 billion. Top exchanges saw their open interest go up, while that of Binance dropped 20%.
Source: https://www.cryptocompare.com/email-updates/daily/2021/jan/11/
