Offshore Bitcoin dated futures volume is down about 97% from 2021, but traders did not simply leave derivatives behind.

Perpetuals absorbed much of the directional leverage, while options grew from roughly a quarter of crypto-native BTC derivatives open interest to nearly half. The old futures market was split between products better suited to different kinds of risk.

https://cryptoslate.com/goodbye-futures-bitcoin-found-better-ways-to-trade/

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