US exchanges bet big on crypto derivatives amid tariff turbulence
US exchanges are significantly increasing their focus on cryptocurrency derivatives amid market volatility linked to President Trump's trade policies. Since late 2024, platforms like Coinbase, Robinhood, Kraken, and CME Group have introduced new crypto derivatives and considered major acquisitions to capture market share. Trading volumes surged following Trump's tariff announcements, with Coinbase reporting a year-over-year increase of over 10,000% in derivatives trading. As of late April, Bitcoin futures saw a 30% rise in net open interest. Competition is intensifying, with Coinbase launching various new products and Robinhood entering the derivatives market. Mergers and acquisitions are also on the rise, with Coinbase negotiating to acquire Deribit and Kraken purchasing NinjaTrader for $1.5 billion. Crypto derivatives are becoming essential market infrastructure, providing speculative and hedging opportunities amid global trade tensions.
