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About 247 days ago, the total open interest rate for bitcoin futures across 12 different trading platforms for cryptocurrency derivatives was 26.73 billion dollars, and over the last eight months, the open interest rate for bitcoin futures has fallen 60% to 10, $ 69 billion. Furthermore, bitcoin exchange traded funds BITO and BTF have followed bitcoin’s spot market losses, as bitcoin ETFs have fallen between 70% and more than 73% in value since last year’s price highs.
On November 10, 2021, the crypto-economy’s 24-hour spot market trading worldwide was approximately $ 181.54 billion and more than 10,000 cryptocurrencies had a value of around $ 3.13 trillion. Today, the trading volume of the cryptospot market is 37% lower, as the global 24-hour trading volume on July 15 saw $ 114 billion in trades, and the crypto-economy’s 13,400 crypto assets had a registered total value of around $ 980 billion.
Over the past eight months, data show that bitcoin futures markets and BTC-centric exchange traded funds (ETFs) have suffered large losses during this year’s cryptocurrency market. Last year, when US-based bitcoin ETFs were approved, the funds traded for much higher prices and have followed BTC’s spot market decline.
Valkyrie’s bitcoin futures ETF, a fund that uses the ticker BTF on the Nasdaq, was traded at $ 26.67 on November 9, 2021, and on July 14, BTF’s price closed 70.19% lower at $ 7.95. Proshare’s bitcoin ETF BITO has suffered comparable losses, as the NYSE-listed BITO fell 73.87% from $ 48.80 to $ 12.75 over the past eight months.
Like Valkyrie and Proshare’s bitcoin ETFs, the total open interest rate for bitcoin futures has also been in a downward spiral. According to registered data, bitcoin futures’ open interest rate in November last year was very close to a record high of around 27.29 billion dollars printed on 14 April 2021.
On November 10, 2021, the total open interest rate for bitcoin futures was $ 26.73 billion and bitcoin (BTC) was traded at $ 68,766 per coin that day. Since then, the open interest rate for bitcoin futures is 60% lower as statistics recorded on Thursday 14 July 2022 show the open interest rate was 10.69 billion dollars.
While the volume of bitcoin futures was down in April, calculations indicate that the BTC futures volume increased in May and even higher in June, reaching $ 1.32 trillion. Market leaders for Bitcoin futures, in terms of monthly trading volume, include crypto exchanges such as Binance, Bybit, Okex, FTX and CME Group.
While open interest rates for bitcoin options followed the same pattern as open interest rates for BTC futures, the volume of bitcoin options also saw an increase in May and June. Just like bitcoin derivatives and exchange traded funds, stocks with exposure to cryptocurrencies such as BTC such as Coinbase Global, Microstrategy, Marathon, Silvergate, Riot and more have also followed bitcoin’s spot market action over the past eight months.
What do you think about bitcoin ETFs and derivatives that follow the same pattern as bitcoin spot markets over the last eight months? Tell us your thoughts on this topic in the comments section below.
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