Crypto derivatives exchange Deribit, has seen a considerable spike in the volume of Bitcoin open positions on its platform. According to data from research and analytics firm, Skew, the exchange hit a new $1 billion record on May 19.
According to Deribit’s chief compliance officer Luuk Strijiers, the new development is a result of a combination of several factors, including a high number of participants:
“The new record is driven by market sentiment, an increased number of diverse global participants on Deribit and the efforts made by our various partners and us to provide a premier quality market at all times with the highest capital efficiency, integrity and connectivity and trading solution.”
In 2020 alone, Deribit has seen a year over year options trading growth of 270%. Its daily trading volume also hit $100 million last week, representing a new record for the past two months. The daily trading volume has also spiked 170% in 2020.
At the moment, Deribit has Bitcoin and Ether derivative contracts, worth over $1.3 billion. Bitcoin options account for 74% of the total.
Back in January, Deribit announced its decision to move its base from Amsterdam. The company said that it was forced to do this because the Netherlands was planning to implement new EU regulations which would affect the company.
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