derivatives

In the past 24 hours, the cryptocurrency derivatives market experienced massive liquidations, with a total liquidation amount of approximately $1 billion, and Ethereum's liquidation amount exceeded that of Bitcoin. At the same time, Bitcoin contract open interest rose for the second consecutive day to 778,000 BTC, with a sharp increase in open interest at the end of Thursday indicating that Bitcoin traders are adding short positions in a downtrend. In contrast, Ethereum contract open interest has remained stable at around 14 million ETH since June 15, and Ethereum traders have not actively shorted during the decline.The 24-hour cumulative trading volume difference adjusted for open interest shows that short positions continue to dominate among the top 25 cryptocurrencies, with only BNB, SOL, and TON as exceptions. Meanwhile, the 30-day annualized implied volatility index for Bitcoin surged to 53%, the highest since June 7; the volatility index for Ethereum rose to 66%. In the cryptocurrency options market, last week the skew for Bitcoin options approached 30%, with significant premiums for put options. In large trades, put options with a strike price of $53,000 expiring on July 10 have appeared, reflecting strong demand for downside hedging.

According to Jinshi reports, SpaceX (SPCX.O) credit derivatives began trading after the initial bond issuance.

The Gate stock derivatives section has officially launched perpetual contract trading for KR200 (KOSPI 200), SAMSUNGEM (Samsung Electro-Mechanics), SKSQUARE (SK Square), HPSP (HPSP), and JUSUNG (Jusung Engineering) (settled in USDT), supporting 1-20 times leverage.

According to the official announcement, Bitget's stock derivatives have launched 10 underlying assets including KLAC (KLA Corporation), JPM (JPMorgan Chase), GEV (General Electric Vernova), GS (Goldman Sachs), LIN (Linde Group), covering areas such as semiconductor equipment, financial services, energy transition, and ETFs in the South Korean market.

According to official news, the Gate stock derivatives section will launch on June 22 at 14:00 (UTC+8) with the first listing of perpetual contract trading for ADSK (Autodesk), BKNG (Booking Holdings), VZ (Verizon), SCHW (Charles Schwab), HON (Honeywell), PFE (Pfizer), SYK (Stryker), and AMGN (Amgen) (settled in USDT), supporting 1-20 times leverage.

Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) today announced the launch of a joint pilot project to explore new digital payment solutions for trading during after-hours sessions in the derivatives market. This pilot project aims to optimize Hong Kong's capital markets and meet the growing demand for after-hours trading sessions. HKEX and HKMA are studying the introduction of "digital Hong Kong dollar"—a wholesale central bank digital currency (CBDC) operating on a 24/7 model—for the payment of pre-paid margins during after-hours trading sessions, to enhance the risk management capabilities of the derivatives market outside of banking hours while maintaining existing operational processes.

According to the official announcement, Bitget stock derivatives have now launched for 10 underlying assets including FLNC (Fluence Energy), CGNX (Cognex), SMH (VanEck Semiconductor ETF), ROK (Rockwell Automation), ISRG (Intuitive Surgical), covering popular sectors such as energy storage, industrial automation, semiconductors, and medical technology.

According to the official announcement, Bitget stock derivatives have now launched 11 underlying assets including BUD (Anheuser-Busch InBev), NKE (Nike), KO (Coca-Cola), ABNB (Airbnb), MAR (Marriott International), V (Visa), covering multiple sectors related to major sporting events such as sports entertainment, travel, and consumer brands.

According to a report by TheStreet Roundtable, Coinbase's Head of Institutional Sales, John D'Agostino, stated in an interview at the New York Stock Exchange that Coinbase is committed to migrating the existing financial infrastructure from the outdated ledger system of decades ago to a faster, cheaper, and more stable blockchain ledger, with the goal of becoming a fully functional integrated financial platform in the crypto space.D'Agostino pointed out that Coinbase's current growth mainly comes from four directions: first, derivatives; the company acquired the world's largest crypto options exchange, Deribit, for $2.9 billion last year, becoming a market leader in this field; second, tokenized securities; approximately 20 stocks have been tokenized and are continuously expanding, with assets like REITs included in the tokenization scope, claiming the market size is about $15 trillion; third, DeFi; Coinbase has become the official USDC treasury deployer for the Hyperliquid platform, with about $5 billion USDC in revenue used for repurchasing HYPE tokens on the platform; fourth, stablecoins; continuously deepening the coverage of USDC in the on-chain market.He summarized Coinbase's positioning as, "The safest custody for crypto assets is our foundational moat, while hyper-fast growth comes from tokenizing everything and creating universal applications."

The cryptocurrency derivative contract SPCX related to the SpaceX IPO has rebounded on the decentralized trading platform HyperLiquid, as market expectations for the debut performance of the aerospace company founded by Elon Musk have revived. Data shows that the trading price of the SPCX contract rose to about $176 to $183 on Friday, after dropping to around $153 earlier this week, significantly rebounding from the approximately $157 level when the market was focused on it on Wednesday. Currently, the open interest for this contract is about $216 million, with a 24-hour trading volume exceeding $150 million.SPCX does not represent ownership of SpaceX stock, allocation rights, or company equity, but is a cash-settled derivative. However, since the IPO issuance price for SpaceX has been set at $135 per share, this contract is viewed by the market as an important reference for measuring investor expectations for the opening price on the first day of trading. Based on the current price of about $183, SPCX implies a premium of about 36% for SpaceX's first-day listing. Earlier in May, this contract rose to $216, corresponding to a premium of about 60% over the IPO price; while earlier this week, when it dropped to $157, market expectations for the premium narrowed to about 16%.Meanwhile, other informal market signals also indicate a warming of investor expectations. Bloomberg reported that data from IG International's related derivatives shows that the market implies a valuation of SpaceX at about $2.4 trillion, which is over 35% higher than the approximately $1.77 trillion valuation corresponding to the IPO pricing. Additionally, Polymarket users currently assign about a 70% probability that SpaceX's closing market value on the first day will exceed $2 trillion. SPCX had previously accumulated a decline of about 30% over the past few weeks, reflecting traders' cautious outlook on SpaceX's listing performance; however, the recent rebound indicates that the market is recalibrating the potential high valuation premium that the SpaceX IPO may bring.

BitMEX co-founder Arthur Hayes stated that currently all marginal funds are flowing into AI stocks. When AI stocks rapidly decline, investors find themselves unable to buy even though cryptocurrencies appear relatively strong.Last week, Hayes liquidated his positions in $HYPE, $NEAR, and $WLD, and due to the Orchard Pool vulnerability, he also liquidated $ZEC. He emphasized that capital preservation is more important than appreciation, and he currently only holds Bitcoin and Ethereum, stating that ETH "is dead but still usable."He believes that the bursting of the AI bubble will trigger a financial crisis and lead to "massive money printing." At that time, Bitcoin will first plummet and then surge, and he plans to hold his positions through the volatility, possibly engaging in a small amount of tactical short selling through derivatives.

According to the official announcement, Bitget stock derivatives have now launched for 15 underlying assets including ADBE (Adobe), CRWD (CrowdStrike), HPE (Hewlett Packard Enterprise), BX (Blackstone Group), TWLO (Twilio), covering popular sectors such as cybersecurity, AI data centers, satellite communications, and small-cap ETFs.

Regarding BTC briefly dropping below $60,000, Coinbase CEO Brian Armstrong stated on the X platform, "Many people still believe or feel that a drop in Bitcoin means a drop in cryptocurrency. However, derivatives, perpetual contracts, stablecoins, prediction markets, and more are all on the rise.Cryptocurrency involves various fields of finance, and now it covers a broader scope than Bitcoin. It will take some time for people to truly understand this. Of course, Bitcoin will perform excellently in the future and will remain as important as ever; this is just one of the many cycles we are experiencing."

According to the official announcement, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have published a joint consultation summary regarding the amendments to the over-the-counter derivatives trading regulations under the Clearing Rules. In light of the broad market support, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will proceed with the legislative process to introduce the proposed amendments to the Clearing Rules, with plans to implement the relevant amendments starting from March 1, 2027 (the proposed start date for the new calculation period).

The cryptocurrency market experienced a new round of selling and liquidation on Thursday, with Bitcoin briefly dropping to $61,300 before rebounding to $64,680, currently reporting around $62,500. Over the past two days, the total market leverage liquidation scale was about $3 billion. Data shows that in the past 24 hours, futures trading volume rose to $305 billion, but open interest fell by 8.5% to $111.4 billion, indicating that the market is primarily deleveraging rather than adding new positions.Bitcoin's open interest fell from yesterday's historical high of over 800,000 BTC to 766,000 BTC. Investors seem to be leaving the cryptocurrency market and turning towards AI narratives in traditional markets. The derivatives market has clearly shifted to a bearish stance. The skew of BTC and ETH put options has strengthened, showing that investors are willing to pay higher premiums for downside protection. The nominal open interest of BTC put options with a strike price of $60,000 on Deribit exceeds $1 billion, while the most actively traded options contracts in the past 24 hours were the $55,000 put options.Altcoins have seen deeper declines, with NEAR, ZEC, JUP, DASH, ENA, and FET all dropping over 10%, and HYPE falling 12% after reaching a new high this week. The subsequent performance of altcoins largely depends on whether Bitcoin can hold above $60,000; if it falls below this level, it may trigger more liquidations and put greater pressure on trading pairs with weaker liquidity.

According to official news, the Gate stock derivatives section will be launched on June 4 at 14:00 (UTC+8) with the first offerings of NOW (Now), CRM (Salesforce), ONDS (Ondas), LUNR (Intuitive Machines), RDW (Redwire), URNM (Sprott Uranium Miners ETF), XLE (S&P Energy Sector ETF), and ADBE (Adobe) perpetual contract trading (settled in USDT), supporting 1-20 times leverage.

According to market data, SK Hynix, which had been driven higher by AI concepts, saw a sharp decline in early trading today, with a drop of over 10% within 3 hours.Against the backdrop of intensified market bullish and bearish battles, Bitget has launched stock derivatives for three Korean stocks: SAMSUNG (Samsung Electronics), SKHYNIX (SK Hynix), and HYUNDAI (Hyundai Motor), covering popular sectors such as semiconductor storage, consumer electronics, and autonomous driving.The aforementioned contracts are all settled in USDT, supporting up to 20 times leverage, helping investors flexibly seize opportunities. For more details, please refer to the official Bitget platform.