Bitcoin futures trading volume increased by 30% in the past week after increasing by 50% last week, and option holdings continued to set historical records, an increase of nearly 7% from a week ago. The volume of Ethereum options fell 15% from the previous month.
Weekly market dynamics
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Overview of extreme market liquidation
In the past week (October 23-29), Bitcoin fluctuated roughly in the range of $12,700 to $13,900. In the early morning of Tuesday (27th), Bitcoin liquidated USD 26.62 million within half an hour when it briefly fell below USD 13,000, and Ethereum liquidated USD 15.32 million. Bitcoin liquidated USD 121 million that day. On Wednesday, Bitcoin once rose above US$13,800, setting a new high since July last year, and then fell back more than US$1,000. The amount of liquidation reached US$177 million that day.
BitMEX, Binance, Bybit, Huobi and OKEx five exchanges’ Bitcoin futures liquidation data statistics, source: Coin
Trading volume
The statistical scope of Bitcoin futures includes BitMEX, Binance, Bitfinex, Bakkt, Bybit, CME, Deribit, FTX, Huobi and OKEx. The statistical scope of Ethereum futures includes BitMEX, Binance, Bitfinex, Bybit, Deribit, FTX, Huobi and OKEx.
The popularity of Bitcoin futures market trading continues to rise. After the transaction volume increased by nearly half last week, it increased by nearly 29% in the past week, reaching approximately 109.1 billion US dollars. It is worth noting that the trading volume of CME increased by nearly 50% in the past week after a surge of 80% last week, reaching US$3.607 billion, of which the single-day trading volume on the 28th reached US$1 billion.
Daily trading volume of Bitcoin futures contracts, source: Skew
Ethereum’s weekly trading volume increased by about 3% month-on-month to US$29.311 billion, of which, some and only OKEx’s trading volume showed a downward trend, down 13% from the previous month to US$5.542 billion.
Ethereum futures contract daily trading volume, source: Skew
Open positions
As of October 29, Bitcoin’s open position reached $5.146 billion, an increase of 3.56% from a week ago.
Open positions in Bitcoin futures contracts, source: Skew
In contrast, the open position of Ethereum decreased by 9.2% from a week ago, reaching $1.075 billion.
Open positions in Ethereum futures contracts, source: Skew
Although the enthusiasm of the futures market continues to heat up, Ethereum holdings have fallen by 10%, which shows the market’s wait-and-see attitude towards Ethereum.
Option market
Trading volume
The scope of Bitcoin options statistics includes Bakkt, Bit.com, CME, Deribit, Huobi (launched on September 1), LedgerX and OKEx. The scope of Ethereum options statistics includes Deribit, Huobi (launched on September 11) and OKEx.
Bitcoin options trading volume has also continued to rise. The trading volume in the past week reached US$1.818 billion, an increase of more than 10% from the previous week. Among them, CME’s trading volume has fallen behind for two consecutive weeks and rebounded twice in the past week to reach US$60.9 million.
Bitcoin options daily trading volume, source: Skew
After Ethereum’s weekly trading volume increased by nearly 60% last week, it fell 15% in the past week to US$167 million.
Ethereum options daily trading volume, source: Skew
Open positions
Bitcoin options positions continue to set historical records . As of October 29, the value was US$2.776 billion, an increase of nearly 7% from a week ago.
Open positions in Bitcoin options, source: Skew
On the other hand, the value of Ethereum holdings broke the three-week rebound trend. As of the 29th, it was US$479 million, down 3.52% from a week ago.
Open positions in Bitcoin options, source: Skew
In the options market, the trading volume and position value of Bitcoin indicate that traders continue to hold a bullish attitude towards Bitcoin, but show a completely different attitude towards Ethereum. This means that traders have a short-term interest in Ethereum trading. It has cooled down and is cautious about the market outlook.
Option expiration
Today (October 30) there will be 64,800 Bitcoin option contracts expiring, with a notional value of more than $859 million.
Bitcoin option expiration, source: Skew
In terms of Ethereum options, 211,400 contracts expire today, with a nominal value of approximately US$79.49 million. 503,300 contracts will expire on December 25.
Ethereum option expiration status, source: Skew
