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Deribit’s Bitcoin Options surge after Black Thursday

4y ago
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Digital asset markets witnessed a major crush following the dawn of Black Thursday. The event which took place between 12 and 13 March saw a massive sell-off for derivatives and bitcoin’s valuation. In addition to imposing further damage on crypto market sentiment. A recent newsletter from one of the world’s leading derivatives platforms indicated a 300 percent surge in Bitcoin’s volatility. 

The bitcoin index denoting Deribit’s daily options showed how much the market movements had cost the exchange. Meanwhile, the exchange executed multiple injections on its insurance fund so as to counter the situation. 

Deribits set new record volumes for Bitcoin Options

Deribits witnessed new record volumes for options contracts. Eventually implying increased bitcoin volatility had come with some positive vibe. The exchange’s report went on to estimate a whopping $16.1 billion total turnover. Thereby outperforming its February turnover by at least 10 percent. In fact, March 2020’s record turnover was the exchange’s third-best since May 2018. 

The amount of traded Bitcoin Options also hit new highs at 319,392 trades which marks the highest figure across all derivative trading platforms.  On the other hand, at least 613,163 Ethereum options were traded within the same time span. 

Bitcoin Options outperforms other market players

Report data went ahead to indicate up to 86 percent Bitcoin Options OI on the exchange. A figure that clearly outperforms other market players such as OKex, Bakkt, and CME. Nonetheless, US Dollar Options plummeted by 22 percent in March despite the high activity on the exchange. The drop was a result of the Bitcoin price crush during the second week of the month.

A report had earlier indicated that Deribit registered the highest number of losses for bitcoins sent. This was after analysts observed a SOPR index of 0.93. Bitcoin’s high volatility in March saw investors take digital asset investment with a lot of caution. 

 

4y ago
bullish:

0

bearish:

0

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