BTC and ETH are polarized, and the popularity of ETH options continues to surge | Crypto Derivatives Weekly Report

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The derivatives markets of Bitcoin and Ethereum are showing a trend of polarization. For futures, Bitcoin’s weekly trading volume decreased by more than 13%, while Ethereum increased by 17%. For options, Bitcoin’s weekly trading volume decreased by nearly 30%, and positions fell 16 %, Ethereum surged by more than 60% month-on-month, and positions continued to brush record highs.

Weekly market dynamics

  1. CME Group launched micro bitcoin futures.
  2. Goldman Sachs launched a non-deliverable forward transaction linked to the price of Bitcoin.
  3. The dYdX Layer2 version is launched on the AVAX-USD perpetual contract market.

Futures market

Overview of extreme market liquidation

Within half an hour from 8:30 on May 4, Bitcoin plummeted by more than US$2,000 to around US$54,600. During this period, the entire network liquidated US$180 million, and Bitcoin liquidated US$61.39 million. On the same day, a total of nearly US$1.8 billion was liquidated. . Within half an hour from 2:30 on May 7th, Bitcoin went out of a rapid correction of more than US$1,000. During this period, the entire network broke out of 220 million US dollars, and a total of nearly 900 million US dollars were liquidated on the same day.

Futures liquidation statistics on BitMEX, Binance, Bybit, Huobi, MXC, OKEx, source: Coin

Trading volume and open positions

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, CME, Deribit, FTX, Huobi and OKEx.

Bitcoin trading popularity continued to fall. In the past week (April 30 to May 6), the transaction volume was approximately US$386 billion, a decrease of more than 13% from the previous month. However, the interest in holding positions was not much different from that of last week. To 2%. However, it should be noted that the value of Bitcoin futures holdings has fallen by nearly 30% from the high point in mid-April, and there has been no obvious trend of increasing positions in the past two weeks. Therefore, in the next few days, the changes in this value are worthy of traders’ attention.

| Crypto Derivatives Weekly Open positions in Bitcoin options, source: Skew

| Crypto Derivatives Weekly Bitcoin futures open positions, source: Skew

The trading volume of Ethereum futures reached 307 billion U.S. dollars in a week, an increase of 17% from the 262 billion U.S. dollars in the previous week. Among them, the trading volume on May 4 set a record in a single day, reaching 89 billion U.S. dollars. In addition, FTX’s trading volume increased by more than 40% from the previous week, and CME increased by 17%. On the other hand, the open positions of Ethereum continued to surge and hit a record high, approaching US$10 billion, an increase of nearly 19% from a week ago. Among them, CME holdings continued to soar by 58% to US$466 million, also setting a historical record.

| Crypto Derivatives Weekly Ethereum futures contract trading volume, source: Skew

| Crypto Derivatives Weekly Open positions in Ethereum futures, source: Skew

Option market

Trading volume and open positions

The scope of Bitcoin options statistics includes Binance, Bakkt, Bit.com, CME, Deribit, Huobi, LedgerX and OKEx. The scope of Ethereum options statistics is Bit.com, Deribit, Huobi and OKEx.

Bitcoin options trading enthusiasm and interest in holding positions have both fallen. After a week’s decline in trading volume by 16% last week, it has dropped by nearly 30% in the past week to US$5.662 billion. Option holdings have also fallen by more than 16% from a week ago.

| Crypto Derivatives Weekly Bitcoin options contract trading volume, source: Skew

| Crypto Derivatives Weekly Open positions in Bitcoin options, source: Skew

In contrast, the weekly trading volume of Ethereum options surged by over 60% from the previous month to US$4.24 billion. It also set a single-day historical record on May 3, reaching approximately US$1.8 billion. In addition, the position value also increased by more than 20% compared with a week ago, continuing to brush a record high.

| Crypto Derivatives Weekly Ethereum option contract trading volume, source: Skew

| Crypto Derivatives Weekly Open positions in Ethereum options, source: Skew

Volatility

The realized volatility of Bitcoin and Ethereum continued to rebound gradually from the bottom, reaching around 75% and 102% respectively as of yesterday.

| Crypto Derivatives Weekly From left to right are the realized volatility of Bitcoin one month and the implied volatility of Bitcoin one month ATM

| Crypto Derivatives Weekly From left to right are the one-month realized volatility of Ethereum and the one-month ATM implied volatility of Bitcoin

Ratio of open interest PCR

The ratio of Bitcoin holdings to PCR gradually rebounded after falling to 0.76 at the beginning of last week, and is currently close to 0.85. The ratio of Ethereum’s open interest PCR is currently slightly lower than 0.9.

| Crypto Derivatives Weekly

Option exercise and expiration

At present, among the open positions of bitcoin options, the open positions with an exercise price of $50,000 are the most, with nearly 18,000 bitcoins, and those with an exercise price of $100,000 have reached more than 11,000 bitcoins. In addition, 45,800 bitcoins will expire on May 28.

| Crypto Derivatives Weekly Bitcoin option exercise and expiration, source: Skew

In Ethereum, open positions with exercise prices of US$3,000 and US$5,000 are the largest, both exceeding 80,000 yuan. Nearly 270,000 ETH will expire on May 28, and over 510,000 ETH will expire on June 25.

| Crypto Derivatives Weekly Exercise and expiration of Ethereum options, source: Skew

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

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