Luuk Strijers, CEO of Deribit, said: “The new high in open interest reflects not only the rising prices, but also the continued growth in popularity of crypto options in the market. Institutional and retail investors are increasingly interested in options, valuing their high liquidity, strong hedging function and the ability to accurately manage risk.”
Luuk Strijers predicts that as more institutions enter the market, open interest will continue to grow, which will bring more stability and maturity to the cryptocurrency derivatives market.
In addition to options, Deribit has also repeatedly set new records in the trading volume of futures and perpetual contracts. The single-day trading volume of Bitcoin futures reached US$1.42 billion, and the trading volume of Bitcoin perpetual contracts reached US$1.07 billion; the trading volume of Ethereum futures and perpetual contracts was also quite active, reaching US$329.5 million and US$304.4 million respectively.
Bitcoin options trading volume surges
According to data from Kaiko Research, Bitcoin options trading volume on the Deribit platform climbed sharply at the beginning of this week as the price of Bitcoin approached $90,000.
Taking November 11 as an example, Deribit's single-day trading volume of Bitcoin options exceeded US$8.2 billion, of which US$5 billion were call options, showing the market's optimism about the future.
Kaiko analysts pointed out that since November 6 (the day after the US election), the market demand for call options on Deribit with an expiration date of December 27 and a strike price between US$90,000 and US$120,000 has increased significantly.
“Deribit’s options trading activity shows that the market expects this Bitcoin rally to continue until the end of the year,” said Kaiko’s research analysts.
In addition, Kaiko also observed that the funding rate of Bitcoin perpetual futures has turned positive, reflecting that the market's bullish demand is growing, but it is still lower than the level in March this year, indicating that this wave of growth is not driven by "excessive leverage" and market sentiment is relatively rational.
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