The crypto derivatives market is dominated by Bitcoin (BTC) and Ether (ETH), with the main platforms being Huobi, Chicago Mercantile Exchange, OKEx, Bybit and Deribit. The CME has also dipped in the Ether pool by launching its Ether futures on Feb. 8, which amounted to $30 million notional volumes on the first day.
Prior to this launch, there was a huge $1-billion options expiry on Feb. 5, which lead to bulls targeting the $40,000 price range, according to the underlying options data. But this expiry was superseded by Elon Musk tweeting in support of Bitcoin just after the expiry event; this did indeed allow Bitcoin to pass the $40,000 mark before going into new all-time highs due to Tesla’s purchase of $1.5 billion worth of BTC.