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Cryptocurrency prices rallied in October with both Bitcoin and Ethereum recording their highest monthly closes to date at $61,350 and $4,290, respectively, following the launch of the first Bitcoin ETF in the United States.
CME Bitcoin futures volumes also had a record month, increasing 121% to $70.3bn, an all-time high for the exchange. Ethereum futures volumes followed suit, rising 13.6% to a record $21.0bn, breaking the previous all-time high of $18.7bn in May 2021.
You can access the full report here.
Key takeaways:
- Following the debut of the Proshares Bitcoin ETF on October 19th, Bitcoin futures volumes on the CME rose 121% to $70.3bn, an all-time high for the exchange. Proshares’ underlying contracts trade exclusively with the CME and thus triggered a significant increase.
- Derivatives total volumes grew marginally to $3.6tn (1.0% increase from September), reaching 57.9% market share of total volumes, the second-highest level on record bar November 2020.
- ETH futures volumes rose 13.6% to a record $21.0bn, breaking the previous all-time high of $18.7bn in May 2021.
- Average daily open interest for ETH perpetual futures grew 13.3% in October to an all-time high of $4.5bn.
- Ethereum open-interest on the institutional exchange CME grew 40.2% to 950mn, also an all-time high.
Derivatives Share of Total Volumes Grows to 57.9%
Derivatives volumes increased by 1.0% in October to $3.6tn. Meanwhile, total spot volumes decreased by 6.4% to $2.6tn.The derivatives market now represents 57.9% of the total crypto market (vs 56.0% in September).
In October total spot volumes stayed flat at $1.7tn. Binance (Grade BB) was the largest Top-Tier spot exchange by volume in October, trading $856bn (up 3.4%). This was followed by OKEx (Grade BB) trading $173bn (down 4.7%), and Coinbase (Grade AA) trading $150bn (up 15.7%).
Trading of Bitcoin Futures on CME Up 121% MoM After Proshares Bitcoin ETF Launched on October 19th
In October, CME's BTC futures volumes increased by 121% to $70.3bn. The new volume all-time high for the exchange was triggered by the launch of Proshares Bitcoin ETF on October 19th - CME is the only place where Proshares' underlying contracts can be traded.
Daily Average Open Interest for ETH Futures Products Hit a New All-Time HighDaily
Average open interest in ETH products rose 18.1% in October to $6.9bn, an all time high for the cryptocurrency having broken the previous record of $6.0bn, from May 2021.
October Exchange News
Kraken
Kraken Donates $150,000 in Bitcoin to Promote Black Crypto Entrepreneurship
FTX
FTX.US Launches NFT Platform
Coinbase
Coinbase Plans to Launch NFT Platform by Year End
Coinbase Proposes US Create New Regulator to Oversee Crypto
Binance
Former Dubai Financial Services Authority Director Joins Binance as Chief Regulatory Liason Officer
Binance Completes 17th BNB Burn
Crypto.com
Crypto.com Exchange is now integrated with Arbitrum
Kraken
Kraken to Support Polkadot Parachain Auctions
Crypto.com
Crypto.com Launches Global Brand Campaign
BitMEX
BitMEX Expands to Switzerland
