The Bitcoin and Ethereum futures received a sudden boost in 2021 after US regulators approved the first crypto futures ETFs in the country. On October 19, The ProShares Bitcoin Strategy ETF surpassed $1 billion in trading volume on its first day of listing on the NYSE ARCA exchange.
Gary Gensler, Chairman of the US Securities and Exchange Commission, has also time and again suggested his approval for crypto futures ETF over the spot ones. According to the latest report by crypto media The Block, the approval bore fruit for the bitcoin (BTC) and ethereum (ETH) futures products after they surpassed $32 trillion in trading volume this year.
As per the report, the figures are approximately 338% higher than last year’s figures. In 2020, the combined trading volume of the top two crypto-assets was just over $7 trillion.
In addition to futures trading, Bitcoin and Ether recorded massive numbers in terms of spot trading as well. Centralized and decentralized crypto exchanges recorded over $14 trillion and $1 trillion in trading volume this year. Meanwhile, the combined trading volume of BTC and ETH options rose by 443% in 2021.
While the overall figures were surprisingly good, the market may not end the year with a bang, rather it may report something completely opposite. As per recent reports, the crypto futures market recorded nearly $300 million in liquidations in the last 24 hours. Bitcoin, which temporarily rose above $52K levels but fell below $50K on Tuesday, saw liquidations worth $94 million.
