Bitcoin Continues Its Rapid Ascension, Hitting Yet Another Yearly High; Derivative Volumes Drop

WorldCoinIndex Derivatives Report 2020 Week 46. During this week of this year, the market has been extremely kind to cryptocurrencies, as bitcoin has managed to reach a new yearly high. Most of the other popular coins have also seen considerable gains as part of the recent bull run. 

To put this better into perspective, bitcoin has seen a weekly high of $16,482 and a low of $14,491. While there was considerable negative volatility, it seems like the price has settled above the $16K threshold. At press time, bitcoin is trading at $16,109. 

Regarding some of the other popular coins, ETH is trading at $462, LTC at $62.72, LINK at $12.75, EOS at $2.48, XRP at $0.25, YFI at $17,366, and BCH at $253. 

Weekly derivatives summary analysis

Here’s a quick preview of the main events that have occurred on the cryptocurrency derivatives market.

First off, the crypto derivatives aggregated volume has dropped, despite the recent bull run. With this in mind, the volume has halved from $68.51B to $38.77B. Experts are currently analyzing the correlation between rising cryptocurrency prices and falling derivatives trading volumes. 

Here’s a brief look at trading volumes by derivatives category:

  • The perpetuals trading volume has decreased from $58.54B last week to $38.77B

  • The futures trading volume has decreased from $9.14B last week to $6.08B today

  • The options trading volume decreased from $822.01M to $509.95M


A quick look into the current open interest rates

At this point in time, the total aggregated open interest volume is situated at $10.37B. This is a slight increase when compared to the $9.70B value reported last week. 

From a category standpoint, perpetuals report an open interest of $4.90B, followed by $2.31B for futures, and $3.15B for options.


Relevant cryptocurrency and derivatives news

  • During the recent price rally, approximately $63 million worth of short positions were liquidated
  • KuCoin reports that it has managed to recover 84% of the cryptocurrency stolen by hackers in a recent attack
  • BTCE succeeds in becoming the first exchange-traded product (ETP) to reach an assets under management (AUM) of $100 million in four months.