The cryptocurrency exchange landscape witnessed an extraordinary end to February, with several platforms hitting unprecedented milestones. Deribit led the charge, setting new records in open interest at $29 billion, client assets at $4 billion, and a whopping 24-hour trading volume of $12.4 billion.
Not to be outdone, Coinbase Institutional saw a surge in unique users, with over 850 traders contributing to a near-record $380 million in notional volume traded in bitcoin and ether contracts. This marks a significant achievement for the platform, showcasing its commitment to fostering a fair and efficient marketplace.
Moreover, Greeks.live also reported a record-breaking day with $620 million in options volume, indicating a robust demand for crypto investments.
This frenzy in the crypto markets is largely driven by the demand for the newly launched U.S. bitcoin exchange-traded funds (ETFs) and a decreasing supply of bitcoin. According to Bloomberg Senior ETF Analyst Eric Balchunas, this could potentially trigger an ‘upward spiral’ in the market.
Indeed, U.S. spot bitcoin ETFs enjoyed a record net inflow of $673.4 million on Wednesday, highlighting the growing investor interest in cryptocurrency as a legitimate asset class.
