The historic crash that hit the crypto market last month had a devastating impact on the industry. Beside the drop in coin prices, market sentiment, on-chain fundamentals and user activity were all affected negatively. The crypto derivatives space was not spared, although it found its feet again when the market entered a recovery phase in April.

According to the latest report from TokenInsights, despite the crisis that has befallen the crypto market over the past few weeks, the total turnover of crypto derivatives in Q1 2020 was very impressive. The report mentioned that the total volume of crypto derivatives over the period was over $2 trillion. Notably this figured was an increase of 314% from the average of all the 4 quarters of 2019.

The report also noted that, 3 major assets contracts of cryptocurrency futures accounted for over 90% of the total market turnover within the mentioned period. The 3 most liquid and active futures trading pairs mentioned were BTC, ETH and EOS. Notably, bitcoin (BTC) futures contracts alone accounted for about 78% of the total market turnover.

According to the researchers, one of the main reasons for bitcoin’s dominance was because of its relatively high liquidity. It is also important to mention that the higher preference for Bitcoin Futures over bitcoin as a sole asset, by major institutional investors could also be a factor.

Additionally, although bitcoin on its own is not regulated, its futures trading is being regulated by the Commodity Futures Trading Commission (CFTC), making the latter more attractive to investors, increasing its volume on the market.

The remaining non-major contracts on the other hand accounted for less than 10%. The researchers therefore cautioned investors not to trade these non-major futures contract for the time being, due to the liquidity and market uncertainties. They claim these are the reasons some exchanges like Bybit, ZBG and others have currently launched only futures trading on major pairs.