The popularity of Bitcoin futures and options trading has only increased, and positions continued to brush historical records. CME’s Bitcoin futures positions exceeded $1 billion, a record high. The trading volume of Ethereum futures and options fell by 13% and 20% from the previous month, respectively, while the holdings of options increased by more than 6% and hit a new high.
Weekly market dynamics
Huobi has launched the USDT standard perpetual contract of SUSHI, CRV, ZEC, ETC, ADA and AAVE.
Futures market
Overview of extreme market liquidation
On November 18th (Wednesday), within half an hour after Bitcoin rushed above 18,400 US dollars, Bitcoin liquidated 110 million US dollars, and the entire network liquidated 180 million US dollars. On that day, Bitcoin liquidated nearly 300 million US dollars.
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 Bitcoin futures market has continued to trade. After increasing by nearly 40% in the previous week, the transaction volume increased by more than 11% in the past week, reaching nearly US$181 billion. Among them, the total trading volume of the top ten trading platforms on November 18 reached nearly US$52 billion, twice the average daily trading volume of the past week.
Daily trading volume of Bitcoin futures contracts, source: Skew
After the weekly volume of Ethereum surged by nearly 60% in the previous week, it fell by 13% this week to around USD 42 billion.
Ethereum futures contract daily trading volume, source: Skew
Open positions
Bitcoin futures positions continued to hit a record high, an increase of nearly 6% from a week ago, and as of November 19, the value was 6.422 billion US dollars.
Open positions in Bitcoin futures contracts, source: Skew
Among them, CME holdings exceeded US$1 billion for the first time , setting a record high , which shows that institutional capital is flooding into the futures market.
CME Bitcoin futures contract open positions
The position of Ethereum has dropped slightly by about 4% from a week ago, reaching USD 1.393 billion as of November 19.
Ethereum futures contract daily trading volume, source: Skew
Funding rate
Funding rate is a cyclical fee transferred between long and short traders in a perpetual contract to keep the price of the perpetual contract close to the value of the underlying asset, aiming to balance supply and demand between longs and shorts. The fund rate is positive, which means that long positions are dominant and long positions are paid to short positions. On the contrary, it means that short positions are more than long positions, and short positions are paid to long positions.
With the soaring price of Bitcoin heat rose and futures markets, money exchange rates generally move in a trend. In the past week, the average funding rate of FTX was the highest, at 0.0202%, and Bitfinex was the lowest, at -0.0399%, while the average funding rate of exchanges such as Binance, BitMEX, and OKEx was between 0.01% and 0.02%.
Comparison of Bitcoin Perpetual Contract Funding Rates of Exchanges
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 increased for six consecutive weeks . The trading volume in the past week was US$3.642 billion, an increase of more than 28% from the previous month. Among them, CME’s weekly trading volume rebounded more than 56% last week, and this week it increased by 64% to 85.9 million US dollars.
Bitcoin options daily trading volume, source: Skew
In contrast, Ethereum’s weekly trading volume fell by more than 20% month-on-month to US$271 million.
Ethereum options daily trading volume, source: Skew
Open positions
Bitcoin option positions continued to brush historical records , reaching nearly US$4.484 billion as of November 20, an increase of over 18% from a week ago.
Open positions in Bitcoin options, source: Skew
Contrary to the transaction volume, after increasing 15% last week, Ethereum holdings increased by more than 6% in the past week, reaching USD 640 million, continuing to break through historical highs.
Open positions in Bitcoin options, source: Skew
Ratio of open interest PCR
In the past week, the ratio of Bitcoin holdings to PCR increased from 0.7 to 0.8 , which means that although the long side has a long-term advantage, the short side is gradually accumulating power.
Bitcoin holdings PCR ratio, source: Skew
In addition, in the past week, the ratio of Ethereum’s open interest to PCR fluctuated between 0.45 and 0.92, with large fluctuations. As of November 19, the value was 0.77.
The ratio of Ethereum’s open interest to PCR, source: Skew
Option expiration
Today, 35,400 bitcoin option contracts will expire, with a notional value of more than 641 million US dollars. On the last Friday (27th) of the month, 65,700 contracts will expire.
Bitcoin option expiration, source: Skew
In terms of Ethereum options, 133,300 contracts will expire today, with a nominal value of approximately US$66.65 million. 565,000 contracts will expire on December 25.
Ethereum option expiration status, source: Skew
