In January, crypto markets reversed their downward trend with Bitcoin and Ethereum rising 39.9% and 32.7% to $23,130 and $1,585, respectively. Market participants have begun to take on more risk as the macroeconomic environment improves with lower inflation and a slowdown of interest rate hikes.

January Highlights

• January saw a significant increase in trading activity, with spot volumes rising 57.9% to $860bn.
• CME’s Bitcoin options trading saw a staggering 278% increase in USD-volumes, reaching $851mn. This is the highest level recorded since we began to collate this data in February 2021.
• Bybit surpassed OKX volumes for the first time in its history, thereby becoming the second largest derivatives exchange by trading volume.