Bitcoin
$42,156.40-1.24%
Ethereum
$2,883.79-4.21%
XRP
$0.928755-0.54%
Cardano
$2.06-1.52%
Polkadot
$27.60-4.55%
Stellar
$0.273512-2.27%
Dogecoin
$0.208656+0.60%
Chainlink
$22.34-3.69%
Uniswap
$19.93-4.61%
Polygon
$1.10-2.79%
Litecoin
$152.01-4.07%
Bitcoin Cash
$518.38-3.17%
Wrapped Bitcoin
$42,143.69-1.14%
Algorand
$1.65-1.00%
Cosmos
$32.09-8.16%
Filecoin
$70.55-4.28%
The Graph
$0.683720-1.75%
Tron
$0.090327-1.51%
Ethereum Classic
$47.38-3.18%
Aave
$283.36-3.28%
Tezos
$4.87-4.97%
Monero
$227.51-0.82%
EOS
$4.03-2.95%
NEO
$38.85-4.03%
IOTA
$1.27-1.58%
BitTorrent
$0.003268-1.55%
Bitcoin SV
$142.91+4.97%
Maker
$2,389.33-3.33%
Waves
$22.93-2.52%
Dash
$162.71-4.26%
Decred
$109.93-6.02%
Decentraland
$0.644841-3.22%
ICON
$1.53-5.38%
NEM
$0.149134-2.42%
Zcash
$115.34-1.44%
OmiseGO
$8.77-17.26%
Paxos Standard
$0.999909+0.85%
NuCypher
$0.270803-3.22%
Yearn Finance
$28,590.18-2.27%
Qtum
$9.65-5.78%
Bitcoin Gold
$51.62-5.40%
Basic Attention Token
$0.630300-3.30%
0x
$0.867178-4.20%
Bancor
$3.40-3.11%
Ren
$0.750711-3.46%
Fetch.ai
$0.640832-2.60%
Band Protocol
$7.17-4.68%
Siacoin
$0.014648-4.02%
Kava.io
$4.87-3.50%
Nano
$4.52-5.36%
Loopring
$0.387671-3.81%
Numeraire
$45.17+13.74%
Storj
$1.06-6.25%
Lisk
$2.83-6.50%
Civic
$0.400355-2.54%
Orchid
$0.333508+2.34%
PAX Gold
$1,785.93+0.98%
Enzyme
$160.63+55.46%
Augur
$20.17-6.71%
Aragon
$4.63-5.98%
district0x
$0.144363-3.41%
Kyber Network
$1.44-2.61%
SingularDTV
$0.001375+1.01%
Tether
$1.00+0.03%
USD Coin
$1.00-0.01%
Dai
$1.00+0.10%

FTX Market Share in Bitcoin Futures Nearly Doubled Since June

From the end of June through now, FTX’s market share has grown from 9% to 16%.

Aug 10, 2021 at 6:24 p.m. UTC
Updated Sep 14, 2021 at 1:38 p.m. UTC

Cryptocurrency exchange FTX has overtaken competitors to become the second-largest exchange in the bitcoin futures market, behind only Binance, according to a report by Arcane Research

  • From the end of June through now, FTX’s market share has grown from 9% to 16%. 

  • FTX was founded by billionaire Sam Bankman-Fried, 29, in 2019. The exchange announced recently that its $900 million Series B funding round included more than 60 investors, including Paradigm, Ribbit Capital and Sequoia, and valued the company at $18 billion.
  • “The exchange has long been the second-largest futures market in the broad crypto sector, but their bitcoin futures have lagged behind OKEx, CME (Chicago Mercantile Exchange) and Bybit up until recently,” the report said. 
  • Bybit’s bitcoin perpetual swap was the dominating futures instrument in April at around the time the cryptocurrency hit its $64,000 peak, according to the report. 
  • “Paying attention to the Bybit OI (open interest) could be a viable indicator to gauge whether the sentiment is turning over exuberant in the future,” Arcane’s report said.
  • Global open interest recently surpassed $15 billion for the first time since May. Despite that climb, the market, in general, seems less over-leveraged given how the bitcoin denominated open interest sits at 330,000 BTC currently, according to the report. 
  •  “Both prior to the May 19th crash and the July 26th short squeeze, the bitcoin-denominated open interest sat at a far more substantial 400,000 BTC," Arcane said. 
  • "This indicator suggests that the market is currently careful with leverage.” 

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...