Source: Cointelegraph
Original: “U.S. Exchanges Bet Big on Crypto Derivatives Amid Tariff Turbulence”
U.S. exchanges are making significant bets in the cryptocurrency derivatives market as the impending trade war sparked by President Trump causes market turbulence, driving demand for these financial instruments.
Since the end of 2024, exchanges including Coinbase, Robinhood, Kraken, and the Chicago Mercantile Exchange (CME) Group have begun launching new cryptocurrency derivatives and are considering multi-billion dollar acquisitions to vie for control of this emerging market.
In April, as Trump announced a massive tariff plan, financial markets were thrown into chaos, leading to a surge in cryptocurrency derivatives trading volume, further intensifying the situation.
David Siemer, CEO of Wave Digital Assets, stated in an interview with Cointelegraph, “Institutional investors and savvy retail traders are increasingly turning to cryptocurrency derivatives platforms to navigate the macroeconomic risks and uncertainties brought about by escalating tariff policies and global trade tensions.”
As a result, Siemer noted that U.S. exchanges are “experiencing a record surge in trading activity and are expanding their investment products, promising to provide regulatory clarity.”
Trump Triggers Surge in Trading Activity
Following Trump’s election victory in November 2024, trading activity in cryptocurrency derivatives surged, with exchange trading volumes reaching historic highs.
In December, Coinbase reported that trading activity on its derivatives exchange had increased by over 10,000% year-on-year. Similarly, the CME Group stated in its 2024 earnings call that cryptocurrency derivatives are one of the fastest-growing products on the exchange.
The tariff plan announced by Trump on April 2 further accelerated trading activity. According to Coinalyze data, as of April 23, the net open interest in Bitcoin (BTC) futures (the most popular crypto derivative) had increased by about 30% since the beginning of the month.
Futures contracts are standardized agreements to buy or sell a certain underlying asset at a future date, often using leverage to pursue higher returns.
Intense Competition
The growing trading volume is intensifying competition among exchanges.
Since February, Coinbase has launched several new cryptocurrency derivatives products, including futures contracts related to other cryptocurrencies such as Solana (SOL) and Ripple (XRP).
Meanwhile, Robinhood listed Bitcoin futures in February—its first cryptocurrency derivatives contract—while the CME Group launched its first Solana futures contract in March.
According to CME, Solana futures saw trading volumes exceeding $12 billion on their first trading day.
Additionally, exchanges are accelerating growth through mergers and acquisitions.
Reports indicate that Coinbase is in negotiations to acquire the cryptocurrency derivatives exchange Deribit for several billion dollars to expand its influence in this market sector.
In March, U.S. cryptocurrency exchange Kraken agreed to acquire the futures exchange NinjaTrader for $1.5 billion.
Nic Roberts-Huntley, CEO of Web3 development company Blueprint Finance, stated in an interview with Cointelegraph, “The recent wave of tariffs has transformed cryptocurrency derivatives exchanges into critical market infrastructure.”
“While traditional markets are experiencing turmoil under tariff pressures, derivatives platforms are thriving, serving both as investment venues and protective hedging mechanisms amid a fractured global trade landscape,” Roberts-Huntley said.
Related: Coinbase Executive: Sovereign Wealth Funds Make Big Moves into Bitcoin (BTC) as Retail Investors Exit
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