In November, aggregate open interest across cryptocurrency derivatives products increased to an average of $36.6 billion, up from $31.4 billion in October. Open interest across BTC futures products rose to $18.9 billion, up 14.7% from October, while open interest for ETH futures products rose 16.9% to $8.1 billion, a new all-time high.
The figures come from CryptoCompare’s November 2021 Exchange Review report, which adds that Binance had the highest open interest across all derivative products on average at $15.7 billion, up 24.1% from October, and was followed by Bybit, which saw $6.5 billion in open interest after recording a 38.8% rise. In third place came the Chicago Mercantile Exchange (CME) with $5.5 billion, up 15%.
The report details that open interest in ETH perpetual futures contracts rose 17.2% from October to $5.3 billion, a new all-time high for the cryptocurrency. Of that open interest, Binance had around $2.4 billion.
Open interest, it’s worth noting, is the total number of outstanding derivatives contracts that have not yet been settled. Open interest is often used to gauge whether additional money is coming into the market or flowing out of it, with increasing open interest representing inflows and decreasing open interest representing outflows.
On the Chicago Mercantile Exchange, Ethereum futures contracts saw their trading volume grow to $23.4 billion last month, surpassing the previous month’s peak of $21 billion. Meanwhile, Bitcoin futures contracts on the same exchange saw their volume drop 30.5% to $48.8 billion.
CryptoComapre’s report also reveals that bitcoin trading volumes into USDT have dropped for a third month in a row in November to now stand at only $3.2 million, down 20.7% from October and 27.8i% from a recent high in August.
Last month, derivatives volumes in the space dropped 9.2% to $3.3 trillion, while spot trading volumes increased 3.3% to $2.7 trillion. The derivatives market represented 54.8% of the total cryptocurrency market as a result.
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