The crypto derivatives market has reached a new historical milestone, as indicated by CME Group reporting an open interest surpassing $30 billion.
Record Demand for XRP and SOL Futures
CME confirmed that SOL and XRP futures, along with ETH options, each crossed $1 billion in open interest. XRP futures achieved this milestone faster than others, in just over three months. The increase indicates growing maturity in the crypto ecosystem and new capital entering the markets.
Expansion of the Crypto Futures Market
CME Group recently launched SOL and XRP futures in both standard and micro sizes, expanding its suite of Bitcoin and Ether derivatives. This provides investors with more ways to participate in the growing crypto market. Open interest for Bitcoin and Ethereum now stands at $16 billion and $10.5 billion, respectively.
Innovations from Gemini and Current XRP Status
In a recent development, Gemini introduced an XRP rewards credit card in partnership with Ripple, offering up to 4% cashback on select purchases. XRP is currently trading at $2.92, down 0.8% in the last 24 hours amid a broader market downturn.
The achievement of $30 billion in open interest highlights the increasing activity and interest of market participants in crypto derivatives, indicating potential maturity and growth in the crypto ecosystem.
