Goldman Sachs: The market structure and participation have become institutionalized this year

Goldman Sachs (GS) stated in a report last week that this year's situation indicates the extent to which m arket structure and participation have evolved and become institutionalized. By 2023, there will be an increase in regulated, centrally cleared derivative trading venues on the cryptocurrency market, including Coinbase Derivatives, CBOE, Eurex, GFO-X, AsiaNext and 24 Exchange.

 

The institutionalization of the market is most evident in the derivatives market. The trading volume of BTC and ETH futures and options on CME continues to grow. In Q4 it has become the exchange with the highest number of open contracts for BTC futures.

 

In the first nine months of this year, open contracts for BTC and ETH remained steady. However, price trends in October sparked interest among institutional investors who are preparing for potential approval of spot BTC ETFs or hedging risk exposure through derivatives.