Bitcoin reaches record high! Indian traders explore crypto options; global rally adds to momentum
Nearly two years after the introduction of perpetual crypto futures, at least two Indian exchanges have rolled out cryptocurrency options with multiple expiry dates.
Many traders are trying to leverage the crypto wave to make money, investing small amounts along with the chance to sidestep high TDS on virtual digital assets.
The latest cryptocurrency surge, which began following Donald Trump's victory in the 2024 US presidential election, picked up further momentum this week as investors grew optimistic about impending regulatory clarity.
Hopes that the US House of Representatives may soon take up bills to establish a long-awaited framework for virtual digital assets drove fresh enthusiasm.
Riding this wave of confidence in the world's largest financial market, Bitcoin (BTC) soared to a record high of $123,153 before settling near $122,000.
Since the November 2024 elections, Bitcoin is up 60% since the November 2024 elections. Bull markets often lead to innovation, evident in the rollout of crypto options in India. However, the uptake has been slow. Unlike crypto futures, which offer at least 10x leverage and are simpler to understand, options trading volumes remain muted for now.
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"For instance, given the expectations that BTC could inch up, some traders are probably buying call options. But cryptos are a volatile market. So, while futures may be a simpler trade, the risk of the margins against a futures position getting liquidated in a sudden fall is always there. Unlike that, a trader having bought calls can still make money if there is a bounce back...Still, I feel options volumes will take a while to rise," an industry analyst told ET.
Ashish Singhal, co-founder of CoinSwitch, one of the exchanges offering options, explained, to the financial daily, "Options have long been part of traditional finance, but in crypto, they've often remained complex and intimidating, sometimes even inaccessible. We're trying to change that. We know options aren't for everyone, they come with risk and require understanding. That's why we've introduced thoughtful friction.
For example, first-time users must pass a basic quiz before they can trade."
Another platform, Delta, is offering options on both BTC and Ether, while a large exchange is expected to follow suit soon.
For both futures and options, Indian traders pay the margin money or premium in rupees. Local exchanges often rely on global liquidity by sourcing prices from offshore platforms where crypto derivatives trade in large volumes.
Many Indian platforms maintain accounts with these global exchanges. When local liquidity falls short, these platforms act as intermediaries, executing mirror trades on overseas exchanges.
Edul Patel, CEO of Mudrex, noted, "India has a strong base of traders in the derivatives space, and that appetite is now extending into the crypto space. We're seeing traditional traders also explore crypto derivatives, mainly because of features like no expiry contracts, smaller lot sizes, deep liquidity, and the ability to trade any time of day.
At Mudrex, we have also seen people holding their positions for months.
Interestingly, most trading activity is still aligned with US market hours, highlighting the global nature of crypto markets."
However, Patel also cautioned investors. "Crypto derivatives are not for everyone. It is a high-risk financial product that needs skills and a strong understanding of the markets and does not fit everyone's risk appetite," he was quoted as saying.
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