The number of cryptocurrency derivatives traded in June was higher than the actual cryptocurrency for the first time this year, according to CryptoCompare, a data tracking company.
While trading volumes in both the spot cryptocurrency and derivatives markets fell more than 40 per cent last month, derivatives had a market share of 53.8 per cent in June, compared with 49.4 per cent in May, CryptoCompare said. Derivatives traded $3.2 trillion in June, compared with $2.7 trillion in spot transactions.
In the past, the cryptographic derivatives market often surpassed the spot market. But with prices soaring this year-more than doubling by mid-April, the spot market is idealWhere to go.
"due to falling prices and volatility, spot market trading volume fell 42.7 per cent, while derivatives trading volume fell 40.7 per cent," CryptoCompare said in a report on Monday. " Open positions in bitcoin and ethernet futures also fell by 31.8% and 29.3%, respectively.
Top derivatives exchanges include Binance, OKEx and Bybit, CryptoCompare said.
Bitcoin trades at about $33120, about half the all-time high of nearly $65000 set in mid-April. The Bloomberg Galaxy encrypted currency index fell 11% in June.