Bitcoin continued its subdued start to the week, having traded below $26,000 for the past 24 hours. BTC held between $25,500 and $25,750 during the Asian trading session today.
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The enthusiasm following last week’s ruling that the SEC must review its rejection of Grayscale Investments’ application to turn its bitcoin trust into an ETF has subsided, with other applications still kept waiting by the U.S. regulator. The broader crypto market remains in a similarly sideways trend, with the CoinDesk Market Index (CMI) down 0.42% in 24 hours.
Crypto derivatives platform Deribit saw trading volume increase 17% to $42 billion in August even as global activity declined by 12% to around $1.6 trillion.
The driving force behind the increase was Deribit’s options segment, with ETH options recording their highest volumes since March, Chief Commercial Officer Luuk Strijers told CoinDesk.
Bitcoin experienced significant price swings between $25,000 and $30,000, triggering massive liquidations in futures and options on the platform and boosting hedging demand for options contracts. Deribit controls nearly 90% of global crypto options activity.
