The platform trading derivatives and options, FTX.us significantly increased its share of the Bitcoin futures market. According to a report by Arcane Research, the firm founded by billionaire Sam Bankman-Fried, is now the second exchange in importance behind the giant Binance.
Since June, the share of this platform in the futures market of the most popular of digital currencies has doubled. In that sense, the aforementioned report ensures that the exchange’s share in that market recently reached 16%. It stands out that in June it occupied 9%.
In this way, the competition from other large firms dedicated to cryptocurrency trading was relegated a few steps lower. Another aspect that stands out about this platform is its potential to continue growing. Thus, it announced an important collection in its Series B financing round, of more than $ 900 million dollars. In the latter, some 60 investors are included. The firm’s valuation was established at $ 18,000 million.
FTX Settles Strongly in the Bitcoin Futures Market
Since its founding in 2019, it is the first time that FTX has reached such a level of importance in the Bitcoin futures market. To say that it is the most important platform in this sector only after Binance, highlights the positive aspects of it.
It should be noted that when it comes to cryptocurrency futures in general, FTX had a silver medal for some time. Despite this, in the particular Bitcoin market, it had been at the tail of others exchanges like OKEx, CME and Bybit. However, this situation changed recently according to the data of the aforementioned report.
Another aspect that highlights the report of Arcane Research is that, during the month of April, Bybit was the dominant platform. All this, when the value of the cryptocurrency created by Satoshi Nakamoto, reached the historical peak of its price near $ 65,000. «Pay attention to Bybit OI (open interest), it could be a viable indicator to assess whether sentiment is turning exuberant in the future. the report highlights.
The important thing to keep in mind about all of this is that the trading platform for options, derivatives and leveraged products is firmly established. The presence of FTX in the Bitcoin futures market, now consolidates above other firms that had more popularity among crypto investors.
Crypto recovery is part of this FTX boom
There are several factors that may be behind this rise in FTX’s market share in Bitcoin futures. But the most prominent of them is the recovery of cryptocurrencies, which once again whetted investors’ appetites. In this way, the crypto market left a period of hibernation or low volatility that was accentuated after the May crash.
An important fact related to the open interest market is that it stands at 330,000 BTC. This means that it is lower than it was, for example, in May or during the contraction of July 26. At that time, it was placed above 400,000 bitcoins.
Consequently, these latest data could be a dead giveaway that Bitcoin investors are more cautious about leverage. Another related data is that global open interest exceeded $ 15,000 million for the first time since May. Even with this latest volume, over-leverage seems not to be very attractive these days.