Deribit Bitcoin Options Sees 34,000 Units of Bitcoin (BTC) Expired Accounting for 50%

There was a time in the past when Derebit was the go to derivatives trading platform for crypto investors from all over the world. However, over the course of the past 12 months or so, BitMEX has eaten into the company’s market share in a big way.

  • When looking at the volume/ open interest ratio of the top-10 alt assets in the market today, we can see that Bitcoin is easily the second most traded asset on the CME (Chicago Mercantile Exchange).
  • In the past, Deribit users have encountered quite a few problems (related to withdrawals, active positions) that have caused them to abandon the platform in favour of other options such as BitMEX.

The past couple of days have been quite tumultuous for Bitcoin, with the flagship cryptocurrency’s value dropping by $1,600 after the alt-coin surged past the $13k mark at the start of the week.

With that being said, it should be pointed out that as a result of this recent volatility, nearly 50% of all outstanding BTC options available on Deribit ended up expiring. From a numbers standpoint, we can see that Deribit previously heId a total of 34,000 options on its platform.

As can be seen from the chart linked above, the open interest associated with Bitcoin options fell from $700 million to around the $350 million mark within a space of just 45 minutes recently.

The options expiry took place when BTC was trading for $11,301— with the currency’s overall market capitalization at the time laying at USD $208.12 billion.

Bitcoin’s open interest (OI) grew quite rapidly earlier this year, with the asset’s OI quotient touching the 76,000 mark (during March).

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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