The rapid growth of cryptocurrencies this week has contributed to record daily trading volumes in derivatives such as options and futures on many exchanges.
Coinbase Institutional reported on its X (Twitter) page that its US-regulated futures exchange saw its best-ever trading volume in BTC + ETH contracts of approximately $380 million on February 29.
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Cryptocurrency derivatives exchange Deribit also reported record highs on the last day of winter. Trading volume reached $12.4 billion on February 29th. The platform's open interest exceeded $29 billion, while the exchange's client assets reached an impressive $4 billion.
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In addition, professional options trader Gres Live's instrumental platform reached a record daily options trading volume of $620 million.
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High demand for spot Bitcoin ETFs and the surge in the price of BTC to $64,000 were the main reasons for the cryptocurrency's record trading volume, Cointelegraph reported.
At the same time, crypto options expire on Friday. Deribit noted that as of March 1, there are about 32,000 BTC options with a face value of $1.9 billion. There are also about 235,000 ETH options expiring with a nominal value of $793 million.
It's worth noting that the Bitcoin price has now fallen to around $62,000, largely due to the nearly $600 million worth of BTC fund outflows recorded on February 29.
Further reading: Outflow of funds from GBTC led to a decline in the price of Bitcoin