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In April, trading volume for cryptocurrency derivatives on centralized exchanges decreased, while spot trading volume declined even further. This caused the derivatives market share to reach a new all-time high.
CCData reported that the market share of cryptocurrency derivatives trading reached an all-time high of 77.6%, despite a 23.3% decrease in the absolute trading volume of derivatives to $2.15 trillion. The increase in market share was due to a significant 40.2% drop in spot volume to $621 billion.
The rising market share of derivatives, which has been increasing for the past three months, underscores the speculative nature of the cryptocurrency market. This trend comes amid uncertainties regarding the potential for the Federal Reserve to pause rate hikes, as noted by CCData.
At present, Binance is the dominant platform for trading cryptocurrency derivatives, commanding a substantial market share of 61.4%. Following closely behind are OKX and ByBit, with market shares of 15% and 14.6% respectively, making them the second and third largest derivatives trading platforms in the market.
Source CCData
