Bitcoin derivatives market breaks to new highs amid heightened price action

As bitcoin raced towards highs rivaling levels from 2017 and early 2018, the market for futures and options tied to the digital currency also clocked in records, according to data compiled by The Block. 

At the time of writing, bitcoin was trading around the $17,500 price level after cresting $17,800 earlier in the day. The boost in the cryptocurrency's price since the beginning of the month has swelled open interest across the bitcoin futures market with, aggregate OI hitting $6.29 billion on Monday.

CME Group saw open interest in its bitcoin futures product, which launched at the height of the 2017 bitcoin boom, hit $975.5 million on Monday — the highest level ever. 

To be sure, it should not come as a surprise that open interest has soared in line with bitcoin's price, given the fact that the value of the contracts traded are directly tied to the price of the underlying commodity. 

The bitcoin options market has also clocked in new highs. Aggregate open interest across the bitcoin options markets hit $3.8 billion on Monday.

Deribit, which is the largest player in the bitcoin options market, saw open interest in its product clock in a new high with more than $3 billion in open interest, as of November 17. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

More