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Tag: derivatives

  • Crypto derivatives exchange Deribit launching zero-fee spot trading

    Crypto derivatives exchange Deribit launching zero-fee spot trading

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    Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives.

    Spot trading will start on April, 24th 2023 at 1 PM UTC with three pairs (BTC/USDC, ETH/USDC, and ETH/BTC), providing clients with a simple and free solution for exchanging collateral and eliminating the need for external asset conversion. Clients will enjoy a zero-fee structure for trading these pairs.

    Aiming to foster liquid markets, Deribit will offer 0% fees for makers and takers on spot. Note, due to this structure, there will not be any volume discounts, or affiliate/partner sharing offered on this model.

    “Our goal has always been to provide our users with a complete exchange platform that meets all their trading needs. After years of being the leading crypto derivatives trading platform and ensuring that our exchange has the highest level of security and transparency, we have decided to apply our expertise to spot trading. By adding spot trading to our existing futures and options products, we are now able to provide a fulsome exchange offering that caters to all types of traders.”
    – Luuk Strijers, COO at Deribit

    Currently, Deribit offers options, inverse & linear perpetuals, and futures (incl volatility futures) for three bases currencies (Bitcoin and Ethereum, and USDC), which allows investors to efficiently manage risk and hedge their investments. With the addition of spot trading, Deribit now serves a wider range of traders who seek to swap directly between assets with immediate delivery and ownership.

    The introduction of free spot trading capabilities comes shortly after Deribit’s launch of BTC DVOL futures, a contract built on DVOL (the Deribit Bitcoin Volatility Index) that facilitates bitcoin volatility trading. Deribit has also experienced a continued increase in investor activity, seeing open interest on the platform hit an all-time high of over $20 billion on March 30th, 2023.

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  • Whales Are Building Their Positions On Derivatives

    Whales Are Building Their Positions On Derivatives

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    On-chain data shows whales are sending their Bitcoin from spot exchanges to derivatives, indicating that they are building up their positions.

    Bitcoin Whales Build Up Their Positions On Derivative Exchanges

    As pointed out by a CryptoQuant post, Bitcoin whales seem to be moving their crypto from spot exchanges to derivative exchanges.

    The relevant indicator here is the “all exchanges to derivative exchanges flow mean,” which shows the total amount of coins being transferred from spot exchanges to derivative exchanges.

    When the value of this metric shows continuous high values, it means a lot of Bitcoin is being regularly moved to these derivative exchanges, which may hint that whale activity has been going on.

    Low values would imply not many coins are moving in this direction, and could either be staying still, or be rather going the opposite way: from derivatives to spot.

    Now, here is a chart that shows the trend that this indicator has followed over the last couple of years:

    Bitcoin Whales

    The BTC all exchanges to derivatives flow mean vs the price | Source: CryptoQuant

    The above graph has different regions marked based on whether whales seemed to be accumulating at that time or not.

    Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline

    The green regions were when the price was mostly moving sideways and the indicator had the whales sending a lot of BTC to derivatives.

    Following these periods of accumulation, the price had always shown a jump up during the period of the above chart.

    However, once the indicator’s value became very low, BTC’s price has seemed to have made a top after which its value dipped down.

    Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash

    Now, as is apparent in the graph, the current trend makes it look like whales have just started another phase of accumulation. This could turn out to be bullish for the future price.

    BTC Price

    At the time of writing, Bitcoin’s price floats around $61.5k, up 2.7% in the last seven days. Over the past month, the crypto has accumulated 42% in gains.

    The below chart shows the trend in the price of the coin over the last five days:

    Bitcoin Price Chart

    BTC's price seems to be rapidly plunging down | Source: BTCUSD on TradingView

    After setting a new all-time high (ATH) of $67k, Bitcoin has been sharply going back down in the past couple of days. It’s unclear at the moment which trajectory the coin might follow next, but if the spot to derivatives flow mean is anything to consider, whales seem to be accumulating. This could help the price bounce back up and set it up to reach higher ATHs.

    Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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  • Ethereum’s spot setup looks grim, but derivatives data tells a different story

    Ethereum’s spot setup looks grim, but derivatives data tells a different story

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    Ether (ETH) price fell below the $3,000 support on Sept. 20 as global markets entered a risk-aversion mode. The Invesco China Technology ETF (CQQQ) closed down 4.2%, while the SPDR S&P Metals and Mining ETF (XME) lost 3.8%.

    Some analysts pointed to the potential ripple effects of the default of Evergrande, a major Chinese real estate company. In contrast, others blame the ongoing debates over the debt limit in Washington as the catalyst for this week’s volatility. As a result, the CBOE Volatility Index (VIX), usually referred to as the “stock market fear index,” jumped by more than 30% to reach its highest level since May.

    On Sept.19, U.S. Treasury Secretary Janet Yellen called for Congress to raise the U.S. debt ceiling again in a Wall Street Journal op-ed. Yellen suggested that avoiding this would risk causing the government to default on payments and generate a “widespread economic catastrophe.”

    One of the major focuses for traditional markets is this week’s U.S. Federal Open Market Committee meeting, which ends on Sept. 22. At the meeting, the Federal Reserve is expected to signal when it will cut back its $120 billion monthly asset purchase program.

    How these events impact Ether price

    Ether price in USD at Bitstamp. Source: TradingView

    Even though the $3,000 level sits near the bottom range of the previous performance of the past 45 days, Ether still accumulated 210% gains in 2021. The network’s adjusted total value locked (TVL) jumped from $13 billion in 2020 to $60 billion and the decentralized finance (DeFi), gaming, and nonfungible token (NFT) sectors experienced an impressive surge while Ethereum maintained dominance of the sector’s market share.

    Despite mean gas fees surpassing $20 in September, Ethereum has kept roughly 60% of the decentralized exchange (DEX) volume. Its largest competitor, Binance Smart Chain, held an average daily volume slightly below $1 billion, albeit having a transaction fee below $0.40.

    Ether futures data shows pro traders are still bullish

    Ether’s quarterly futures are the preferred instruments of whales and arbitrage desks due to their settlement date and the price difference from spot markets. However, the contract’s biggest advantage is the lack of a fluctuating funding rate.

    These fixed-month contracts usually trade at a slight premium to spot markets, indicating that sellers request more money to withhold settlement longer. Therefore, futures should trade at a 5% to 15% annualized premium in healthy markets. This situation is technically defined as “contango” and is not exclusive to crypto markets.

    ETH futures 3-month annualized premium. Source: Laevitas

    As displayed above, Ether’s futures contracts premium spiked to 15% on Sept. 6 as ETH price tested the $4,000 resistance. Apart from that brief overshot, the basis indicator ranged from 8% to 12% over the past month, considered healthy and bullish.

    The crash to sub-$3,000 in the early hours of Sept. 21 was not enough to scare seasoned traders. More importantly, U.S. Securities and Exchange Commission chairman Gary Gensler’s interview on cryptocurrency regulation also had no noticeable impact on Ether price. Had there been a generalized fear, Ether futures premium would have reflected this.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.