Opinion: Asia-Pacific cryptocurrency exchanges continue to dominate futures and options markets

Cryptocurrency is largely regarded as a Western invention, but as the most important digital asset, Bitcoin, moves away from the United States and Europe, there has also been a more Asianized shift in cryptocurrency trading. According to Philip Gradwell, Chief Economist at Chainalysis, on-chain data shows that exchanges in the Asia-Pacific region receive the most bitcoins. Global exchanges fall into three categories: Asia Pacific, North America and other regions. In the first half of 2019, bitcoin exchanges in the Asia-Pacific region accounted for 35% of total Bitcoin transactions, followed by 25% in North America. Latin America received only 1.4% of BTC despite severe economic recession in individual countries. Even with the derivatives market in mind, Asia's dominance continues. Gradwell pointed out that whether it is futures or options, the Asia-Pacific exchanges account for 90% of the 2.36 billion contracts. Several Asian-focused exchanges have launched bitcoin futures this year, with Binance and OKEx dominating. However, given the risks posed by derivatives trading, the United States dominates the futures market, slightly above 10%, and regulatory pressure has weakened the market.