The volume of trade for cryptocurrency derivatives on centralized exchanges dropped in April, but spot trading volume dropped even further, driving the derivatives market share to a new all-time high.
According to CCData, the market share of crypto derivatives trading reached a new high of 77.6%, despite the fact that complete derivatives trading volume fell 23.3% to $2.15 trillion. A 40.2% drop in spot volume to $621 billion contributed to the market share increase.
The rising derivatives market share, which has been consistently increasing for three months, underscores the speculative nature of the crypto market amidst uncertainties surrounding potential rate hikes by the Federal Reserve, as stated by CCData.
Binance is the most popular derivatives trading platform, with 61.4% of the market. OKX and ByBit are in second and third place, correspondingly, with 15% and 14.6% market shares.
Coinbase introduced a derivatives platform in May, and Gemini revealed it will launch one as well, moves that appear likely to boost the market share of crypto derivatives markets.
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