The month of May was the month of many ups and downs, on a serious note to mostly ups. Bitcoin option has seen tremendous growth in the last month by hitting the $1 billion at the closing of the month.
As per the data provided by the firm which drives crypto derivatives named skew, the numerical figures purely reflect that bitcoin options just got hit high. According to the latest reports, bitcoin options crossed the edged of the graphs by reaching $1.5 billion.
This increase in the value breaks the record of the previous month where bitcoin options were seen to reach a maximum of $1 billion.
Deribit exchange continues to grow by reaching $1.5 billion
Open interest on option thrives to increase day by day surpassing all its previous records. According to the Skew, on May 7 the total hits on the bitcoin option were about $1 billion.
These figures were from last month’s record. But the prediction was made of a trading target for the month of July. Just after a month, the growth in option was seen immensely by cutting 50% margin of the previous record to reach an all-time high.
Is the bitcoin options the next market leader?
The open interest on the CME for bitcoin option recently seen a big spike during the past days. Bitcoin option on SME was dramatically seen to reach on 142 million by end of the trading day may 15, 2020 as per the data-driven by skew.
On the other hand, both OKEx and Bakkt saw a downfall of 15% and 18% respectively keeping the LedgerX at the same spot where it was before. This thrives in the market shows that bitcoin options are going to change the market by its growth soon enough.