Goldman Sachs (GS) stated in a report last week that the market structure and participation have evolved to a great extent this year and have become more institutionalized. By 2023, regulated and centrally cleared derivative trading venues will increase in the cryptocurrency market, including Coinbase Derivatives, CBOE, Eurex, GFO-X, AsiaNext, and 24 Exchange.

The institutionalization of the market is most evident in the derivatives market, where the trading volume of CME's BTC and ETH futures and options continues to grow, making it the BTC futures exchange with the highest number of open contracts in the fourth quarter.

BTC and ETH open contracts remained flat in the first nine months of this year, but the price trend in October has piqued the interest of institutional investors, who are preparing for potential approval of a spot BTC ETF and/or hedging risk exposure through derivatives.