Record Crypto Derivatives Volumes
September 08, 2020 @ 12:31 +03:00
CryptoCompare said crypto derivative volumes rose 54% to more than $710 billion in August in its monthly Exchange Review. That’s a new all-time high, with August’s figures now far exceeding the $602 billion monthly volumes reported in May.Spot markets also experienced a surge in activity, with August trading volumes coming to $820 billion – nearly $400 billion up from July’s numbers.
Constantine Tsavliris, CryptoCompare’s head of research, told CoinDesk that the surge in crypto derivative volumes was likely a result of last month’s rally, which brought bitcoin from $9,200 to near $12,400 at its peak. Spot price movement and volatility were higher in August than July, said Tsavliris. As a rule, this generally leads to greater trading activity for cryptocurrencies and their derivatives.
Derivative volumes soared to then-record highs in May due to speculation surrounding the bitcoin halving event.
August’s Bitcoin Rally Led to Record Crypto Derivatives Volumes, CoinDesk, Sep 8