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Bitcoin derivatives market is growing faster than spot market, suggesting rising institutionalization in the space

Yogita Khatri

The bitcoin derivatives market, or futures and options, is growing faster than the spot market, according to research conducted by The Block’s Larry Cermak.

The trend, which is common in traditional financial markets such as forex, suggests that the crypto space is increasingly getting institutionalized.

Last month, both bitcoin futures and options hit yearly highs. The former saw volumes of $558 billion, while the latter saw $3.1 billion worth of trades. The legitimate spot volume, which excludes fake volumes, was about $106 billion in May.

The ratio between spot and futures volumes has increased to over 5 from less than 2.3 a year ago, indicating that futures volume is growing faster as compared to spot volume.


Cermak expects the bitcoin derivatives market to continue outpacing the spot market.

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