According to a new report by crypt data company CryptoCompare, crypto derivative activity spiked in May and recorded an all-time high.
In a recently published report for May 2020, CryptoCompare says that derivative volumes increased to $602 billion, a 32% jump. The report also mentioned the main channels for development. According to the report, Huobi, Binance, and OKEx accounted for at least 80% of all the derivative activity in the sector for the month of May. Of the three, Huobi came out tops, jumping 29% from April, to hit $176 billion. OKEx had $156 billion, and Binance came in third, with $139 billion.
CryptoCompare also added that Bitcoin’s recent halving might have a lot to do with it. In anticipation of Bitcoin’s halving, many traders and investors had a lot more derivative activity. The firm also said in the report that there was a significant increase in the number of crypto options traded as well.
Options exchange, Deribit, also had its options volume increase by more than 100% to $3.06 billion back in May. Just a day before Bitcoin’s halving, Deribit pulled in its biggest 24-hour trading volume since its inception four years ago, at $196 million’s worth.
On May 19, Deribit hit a $1 billion record for the volume of Bitcoin options.
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