According to Arcane Research, cryptocurrency exchange FTX has surpassed competitors to become the second-largest exchange in the bitcoin futures market, trailing only Binance.
From the end of June to the present, FTX’s market share has increased from 9% to 16%.
In 2019, billionaire Sam Bankman-Fried, 29, founded FTX. The exchange recently announced a $900 million Series B funding round with more than 60 investors, including Paradigm, Ribbit Capital, and Sequoia, valued at $18 billion.
“The exchange has long been the second-largest futures market in the broader crypto sector,” according to the report, “but their bitcoin futures have lagged behind OKEx, CME (Chicago Mercantile Exchange), and Bybit until recently.
According to the report, Bybit’s bitcoin perpetual swap was the dominant futures instrument in April, around the time the cryptocurrency reached its peak of $64,000.
According to Arcane’s report, “paying attention to the Bybit OI (open interest) could be a viable indicator to gauge whether the sentiment is turning over exuberant in the future.”
For the first time since May, global open interest has surpassed $15 billion. Despite that rise, the market appears to be less over-leveraged in general, with bitcoin denominated open interest currently sitting at 330,000 BTC, according to the report.
The amount of bitcoin-denominated open interest was far greater, at 400,000 BTC “Arcane stated.
“This indicator indicates that the market is currently wary of leverage.”