As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the evolution of trading platforms from traditional stock exchanges to digital counterparts like cryptocurrency derivatives exchanges. The announcement of Arkham Intelligence’s foray into this space is an intriguing development that underscores the rapid growth and maturation of the crypto market.
According to an announcement on November 6th, blockchain analysis company Arkham Intelligence has debuted a platform for trading crypto derivative contracts.
It’s said that the upcoming transaction is designed to focus on individual investors and aims to rival established trading platforms like Binance.
According to a post on the X platform, Arkham plans to combine their research findings and implement real-time blockchain audits along with Proof-of-Reserve (PoR) as a feature.
Next week, trading on this cryptocurrency platform will kick off, but unfortunately, it won’t be accessible for residents within the U.S., as per my understanding from Arkham’s statement.
Related: Stop piling into leveraged Bitcoin ETFs and consider this instead
It appears that the market for cryptocurrency derivative products is rapidly expanding, primarily fueled by trading actions from individual investors.
In September alone, the trading volume for crypto derivative products surpassed an astounding $3 trillion, marking a significant increase from around $1.5 trillion during the same period last year, as indicated in a report by CCData.
As an analyst, I’ve noticed a surge in the variety of crypto derivative products that are becoming available, even on traditional platforms like the Chicago Mercantile Exchange (CME).
On September 29th, Bitcoin Friday Futures (BFF) by CME were introduced for the first time, marking what they called the “most triumphant launch of cryptocurrency futures to date” in the world of derivatives trading.
2022 marked the debut of Coinbase’s Futures Exchange within the U.S., enabling the company’s millions of American customers access to cryptocurrency futures trading.
On October 8th, the North American derivatives exchange owned by Crypto.com, named Nadex, introduced derivative contracts linked to meme-based cryptocurrencies such as Pepe (PEPE) and Shiba Inu‘s counterpart, Floki Inu (FLOKI).
It also listed derivative products tied to Dogelon Mars (ELON) and BONK, according to Oct. 7 Commodity Futures Trading Commission (CFTC) filings.
As an analyst, I’m projecting that Bitcoin exchange-traded funds (ETFs) may be available on U.S. exchanges as early as Q1 2025, based on my insights from James Seyffart at Bloomberg Intelligence.
Analysts anticipate that cryptocurrency-related products will become more prevalent following Donald Trump’s win in the U.S. presidential election on November 5th.
According to Bitfinex analysts, there’s likely to be a fresh surge of optimism in the cryptocurrency market after Trump’s victory, as federal authorities may take a more favorable approach towards digital currencies.
Arkham, renowned for its widely-used platform, specializes in monitoring and recording blockchain transactions, as well as identifying the parties linked to different cryptocurrency wallets.
It raised $12 million from investors including Sam Altman, the founder of ChatGPT maker OpenAI.
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2024-11-07 00:51