Share this article
Crypto Derivatives Lost Overall Market Share in March Despite Hitting Record High Trading Volume of $6.18T
The share of crypto derivatives in total market activity slipped to 67.8% in March, according to CCData.
Updated Apr 5, 2024, 6:43 a.m. Published Apr 5, 2024, 6:41 a.m.
- In March, derivatives trading volumes surged by 86.5% to a record high of $6.18 trillion.
- The share of crypto derivatives in total market activity slipped to 67.8% in March, the sixth consecutive monthly decline, according to CCData.
Crypto derivatives trading became bigger than ever in March, but its share in the total market activity declined for the sixth consecutive month, according to London-based digital assets data provider CCData.
Trading volume in futures and options tied to cryptocurrencies on centralized exchanges rose 86.5% to a record high of $6.18 trillion, translating to three times of the total market capitalization of all cryptocurrencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Still, the market dominance of derivatives slipped to 67.8%, the lowest since December 2022 as traders flocked to the spot market, where cryptocurrencies are exchanged for immediate delivery.
Spot trading volume jumped 108% to $2.94 trillion, the highest monthly volume since May 2021. The combined spot and derivatives trading volume increased 92.9% to a record $9.12 trillion.
"The spike in spot trading activity on centralized exchanges coincides with the growing excitement around Bitcoin reaching new all-time highs and the initial signs of returning retail participants in the market," CCData's monthly report said.
Derivatives are often criticized for creating artifical demand and supply via leverage, injecting volatility into the market and are considered a proxy for speculative activity often observed at major market tops. As such, the decline in derivatives' share of the total market activity might be a good news for crypto bulls anticipating a continued price rally.
Bitcoin , the leading cryptocurrency by market value, rose 16.6% in March, setting new record highs above $73,000, CoinDesk data show. Prices rose over 68% in the first quarter. The CoinDesk 20 Index, a broader market gauge, jumped over 50% in the first three months.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
