Record Highs in Crypto Derivatives Trading Volume

The past week has seen a significant surge in the trading volumes of crypto derivatives, with options and futures reaching unprecedented levels on several exchanges. Deribit, a leading crypto derivatives exchange, announced via a post on X on February 29 that it experienced its highest 24-hour trading volume ever, totaling $12.4 billion. Additionally, the platform witnessed a new record in open interest (OI) — the total number of outstanding derivatives contracts yet to be settled — surpassing $29 billion, alongside achieving $4 billion in client assets.

Coinbase Institutional also reported remarkable activity on its U.S.-regulated futures exchange, marking its second-highest trading day with $380 million in notional volume for Bitcoin and Ether contracts on February 29, involving a record 850 unique end-users.

Greeks Live, a tooling platform for professional options traders, similarly recorded a historic high in options trading volume, reaching $620 million over 24 hours. On March 1, Greeks Live observed that U.S. spot Bitcoin ETFs were propelling the ongoing spot bull market, contributing to the record trading volumes as Bitcoin’s price soared to $64,000.

Despite the booming trading volumes, options volume has shown a modest increase. Nevertheless, substantial inflows are contributing to a robust market structure. Deribit highlighted that approximately 32,000 BTC options, with a notional value of $1.9 billion, are set to expire on March 1, alongside about 235,000 ETH options contracts with a notional value of $793 million due for expiration.

Spot Bitcoin ETFs also experienced a strong week, with some funds achieving over $2 billion in daily trading volumes. However, a significant outflow of nearly $600 million from Grayscale’s ETF on February 29 led to a decrease in net inflows across all 10 ETFs to $93.8 million, marking the lowest level since February 6, as per Farside Investors’ preliminary data. Contrarily, BlackRock’s Bitcoin fund saw net inflows of $604 million on the same day, outperforming Grayscale’s net outflows and securing more inflows than all other ETFs combined for the day.

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