Crypto Derivatives Lost Overall Market Share in March Despite Hitting Record High Trading Volume of $6.18T

The share of crypto derivatives in total market activity slipped to 67.8% in March, according to CCData.

AccessTimeIconApr 5, 2024 at 6:41 a.m. UTC
Updated Apr 5, 2024 at 6:43 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now
  • In March, derivatives trading volumes surged by 86.5% to a record high of $6.18 trillion.
  • The share of crypto derivatives in total market activity slipped to 67.8% in March, the sixth consecutive monthly decline, according to CCData.

Crypto derivatives trading became bigger than ever in March, but its share in the total market activity declined for the sixth consecutive month, according to London-based digital assets data provider CCData.

Trading volume in futures and options tied to cryptocurrencies on centralized exchanges rose 86.5% to a record high of $6.18 trillion, translating to three times of the total market capitalization of all cryptocurrencies.

Still, the market dominance of derivatives slipped to 67.8%, the lowest since December 2022 as traders flocked to the spot market, where cryptocurrencies are exchanged for immediate delivery.

Spot trading volume jumped 108% to $2.94 trillion, the highest monthly volume since May 2021. The combined spot and derivatives trading volume increased 92.9% to a record $9.12 trillion.

"The spike in spot trading activity on centralized exchanges coincides with the growing excitement around Bitcoin reaching new all-time highs and the initial signs of returning retail participants in the market," CCData's monthly report said.

Derivatives are often criticized for creating artifical demand and supply via leverage, injecting volatility into the market and are considered a proxy for speculative activity often observed at major market tops. As such, the decline in derivatives' share of the total market activity might be a good news for crypto bulls anticipating a continued price rally.

Bitcoin (BTC), the leading cryptocurrency by market value, rose 16.6% in March, setting new record highs above $73,000, CoinDesk data show. Prices rose over 68% in the first quarter. The CoinDesk 20 Index, a broader market gauge, jumped over 50% in the first three months.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.