The crypto market has been performing a languid waltz this week with Bitcoin (BTC) maintaining its tether below the $26,000 mark over the past day, oscillating between $25,500 and $25,750. The merriment that erupted in response to the decision requiring the SEC to revisit its denial of Grayscale Investments‘ bid to transform its bitcoin trust into an ETF appears to have dwindled, as avenues for other applications remain shrouded by U.S. regulators’ reluctance. While this scenario has mirrored a flat-line trend for the wider crypto market, with the CoinDesk Market Index dipping by 0.42% in a day, there’s a notable outlier on the horizon.
< a href=/?s=Deribit>Deribit, a crypto derivatives platform, saw a notable surge of 17% in trading volume, which extrapolates to $42 billion in August, bucking the global trend that witnessed a reduced activity by 12%, accounting to approximately $1.6 trillion. The surge was largely limelighted by Deribit’s options segment, where ETH options played their song with the highest volumes since March, as communicated by Chief Commercial Officer Luuk Strijers. It’s significant that Deribit now holds sway over nearly 90% of the global crypto options activity.
In another sphere, a survey conducted by the World Federation of Exchanges (WFE) during May-July 2022 exposed a cleaved stance with regards to vending crypto-related products and services. Among the 29 participating member exchanges, 12 (41%) are already dispensing crypto offerings; seven eye future associations, while ten distanced themselves from any such rendezvous. However, the subsequent demise of FTX might have injected the mood with more caution towards crypto participation.
In a further development on Monday, the exchange balance, essentially the number of MKR held in wallets tied to centralized exchanges, slumped by 14,140 MKR to 65,000 MKR, plummeting to its lowest since June 21. Such an ebbing exchange balance typifies an investor inclination for protracted holding strategies.
In conclusion, the recent events captured a crypto market navigating through mixed sentiments, where on one hand we witness stalwarts like BTC maintaining a low profile, while on the other hand, platforms like Deribit experience heightened activity. This disjuncture presents a complex landscape, with some embracing the crypto journey, while others err on the side of caution.
Source: Coindesk
