Amid an ongoing bull run of Bitcoin (BTC), Bitcoin choices are hitting a brand new historic milestone. Bitcoin choices are spinoff contracts that grant the holder the proper, however not the duty, to purchase or promote BTC at a predetermined worth.

In line with knowledge from Skew, Bitcoin choices volumes crossed $1 billion on Dec. 16. Skew announced the information Thursday on Twitter, noting that Bitcoin choices noticed its “first $1 billion day.”

Deribit, a serious world crypto futures and choices change, had the biggest BTC choices quantity on the day at $879 million. The change has emerged as the most well-liked BTC choices change, traditionally dominating the Bitcoin choices market.

Bit.com, the cryptocurrency spinoff change owned by Bitmain-backed monetary service platform Matrixport, noticed the second largest BTC choices volumes on the day. In line with Skew, Bit.com’s most Bitcoin choices quantity accounted for about $84 million.

Main world crypto change OKEx is the third high BTC choices platform within the record, with a most choices quantity standing at $62 million on Dec. 16.

Bitcoin choices volumes over the previous seven days. Supply: Skew

The Bitcoin choices market has seen a parabolic progress in 2020 as even weekly quantity fell in need of the $200 million mark in the beginning of the yr.

The quantity progress comes alongside a large enhance in Bitcoin choices open curiosity, or OI, which stands for the whole variety of contracts excellent available in the market and never but settled. In line with knowledge from Skew, Bitcoin choices’ OI virtually touched a $6 billion threshold on Dec. 16, surging from round $600 million in early January.

Complete BTC choices OI over the previous yr. Supply: Skew

The OI for Bitcoin choices has been steadily growing over the course of 2020. As beforehand reported by Cointelegraph, excessive OI charges are associated to the growing liquidity of choices in addition to rising variety of market contributors. Spikes in Bitcoin choices’ OI will also be fueled by bigger macroeconomic occasions just like the decentralized finance hype and long run results of the Bitcoin halving on the markets. Choices are a spinoff instrument with a number of attainable makes use of, together with insurance coverage for present positions in opposition to attainable drops, or speculating on worth with an uneven risk-return profile.

New record-breaking volumes within the Bitcoin choices market come amid Bitcoin worth hitting its new historic highs. On Dec. 16, Bitcoin posted a brand new report excessive by surpassing the $20,000 threshold for the primary time since 2017. The biggest cryptocurrency continued gaining momentum, briefly rising to $23,500 on Dec. 17.