The second-largest cryptocurrency by market capitalization has, throughout September, outpaced the flagship cryptocurrency in terms of open interest across cryptocurrency derivatives products.

According to CryptoCompare’s September 2021 Exchange Review, aggregate open interest in Ethereum-based derivatives products grew 4.7% to $5.8 billion last month, while open interest in bitcoin derivatives fell 3.7% since August to $11.9 billion.

Source: cRyptoCompare

Bitcoin perpetual futures contracts saw their total open interest fall 1% to $7.7 billion, while open interest in Ethereum perpetual futures rose 3.7% to $4 billion, the report adds, with Binance leading the derivatives market last month with 56.1% of the total trading volumes, equal to $1.9 trillion.

Regulated futures exchange CME had the highest open interest for BTC futures products at $1.6 billion, followed by OKEx’s $1 billion. CME also gained market share in the ETH futures market with its average open interest for Ethereum products rising 10.5% to $678 million. In comparison, its open interest in BTC products dropped 3.1% since August.

CryptoCompare’s report also notes that in September spot trading volumes from Top-Tier cryptocurrency trading platforms moved up 6.2% to $2.5 trillion, while spot volumes for Lower-Tier platforms increased 7.5/ to $246 billion. Top-Tier exchanges, as a result, now represent 91.2% of the space’s total spot volumes.

Source: CryptoCompare

Spot volumes from the top 15 cryptocurrency exchanges increased 10.8% on average, it adds, with Binance being the largest Top-Tier spot exchange by trading volume last month. Notably, Binance has been the top spot volume exchange for 15 months in a row now.


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