Derivatives Volume Pulls Back but Crypto Market Remains Strong

WorldCoinIndex Derivatives Report Week 5, during this week of the year was marked by a fall in derivatives trading volume, but the cryptocurrency bull run is showing no signs of slowing down. In fact, over the last few days, altcoins have seen price surges, but bitcoin remained strong. By now, it has become quite clear that all cryptocurrencies will ascend together.

In the case of bitcoin, a price peak of $38,700 was reported this week, so analysts report high chances for bitcoin to finally surpass the $39,000 threshold. The recent bitcoin price increase was also caused by Elon Musk’s bitcoin-related tweets, in which he stated that he has now become a believer in the leading cryptocurrency. Of course, this statement was also followed by plenty of jokes on Dogecoin.

At press time, BTC is trading at $37,682, ETH at $1,664, XRP at $0.44, LTC at $154, EOS at $3.16, DOGE at $0.04, and Chainlink at $26.46.

The total cryptocurrency market cap is currently reported at $1.08 trillion.

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 rapidly decreased from last week’s $128 billion, to $75 billion today. This trend is mostly normal, given the fact that derivatives volumes increase at the end of the month, but drop abruptly at the beginning.

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

-      The perpetuals trading volume is reported at $63B, lower than last week’s $105B.

-      The futures trading volume has decreased from $21B to 12.17B this week.

-      The options trading volume has also seen a considerable decrease, from $1.55B last week, to $611M today.


A quick look into the current open interest rates

At this point in time, the total aggregated open interest volume is situated at $25.13B, slightly higher when opposed to last week’s volume of $21.09B.

From a category standpoint, perpetuals report an open interest of $11.99B, followed by $5.58B for futures, and $7.55B for options.

Relevant cryptocurrency news

  • OKEx announces the integration of the bitcoin lightning network for deposits and withdrawals via the exchange.
  • DeFi market ammasses over $34 billion worth of assets locked in smart contracts.
  • The bitcoin futures market has exceeded $2 trillion in monthly trading volumes during January, report shows.




Risk Disclaimer

This article includes information about cryptocurrencies, derivatives and other financial instruments. Both cryptocurrencies and derivatives are complex instruments and trading digital assets involve significant risk and can result in the loss of your invested capital. All data and information is provided “as is” for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade.