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Recent data shows that trading activities in the digital currency market have become more concentrated, with a few major platforms led by Binance occupying a clear dominant position, with monthly trading volume exceeding US$1.8 trillion, accounting for about 29% of the total market volume.
This focus is not limited to platforms but also extends to trading types, with financial derivatives largely dominating trading activity.
Taking Binance as an example, derivatives trading volume reached approximately $1.54 trillion, which is almost six times the spot trading volume.
Derivatives also account for approximately 93% of activity on the OKX platform, reflecting an increasing reliance on futures contracts and leverage rather than outright buying.
This phenomenon appears to intensify during periods of price stability, as traders resort to riskier strategies to realize profits in the absence of clear market direction.
Many other platforms are also increasingly relying on derivatives to stay competitive, even if their presence in spot trading is limited.
On the other hand, the influence of financial institutions in this area is growing, especially in the derivatives market related to Bitcoin.
There has been a significant increase in trading volume in the space, with trading volumes on the Chicago Mercantile Exchange increasing and the number of open interest in Bitcoin options reaching a record level, surpassing futures contracts for the first time.
This shift reflects the trend of investors turning to tools that can better manage risk, especially with the entry of large players such as “BlackRock” and the continued dominance of centralized platforms such as “Deribit”, as well as the gradual emergence of decentralized platforms and starting to attract more and more attention.
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