As the cryptocurrency prices seem to attempt to move higher, it is important to look at derivatives as well. So far, the derivatives volumes, primarily those for Bitcoin, are noting very strong volumes, indicating that something may be brewing behind the scenes.
While trading Bitcoin derivatives is not the same as owning cryptocurrency, this option remains incredibly popular.
Bitcoin Derivatives Remain in High Demand
Especially during periods of market volatility, good money can be made by exploring this option.
New statistics provided by CryptoCompare show that the Bitcoin derivatives see more than decent volume.
May 2020 has been a prominent month in terms of recent volume, as it is a new high overall.
Most of the volume comes from Huobi, OKEx, and Binance.
BitMEX is playing far less of a crucial role than one might assume.
FTX, Deribit, and CME only represent fractions of the monthly volume at this time.
The role of CME in all of this should not be underestimated, however.
Its overall Bitcoin options contract volume has surged to a new all-time high recently, further amplifying overall demand.
The big question is what all of this means for Bitcoin, assuming there is any information to be extracted.
Every statistic seems to hint at a future price increase, but nothing is ever guaranteed in this industry.
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