The Evolution of the Encrypted Derivation Market: Four Generational Changes from Simple Futures to Yield Contracts
In the past week, two established exchanges in the encryption industry have successively announced major acquisition news, both pointing to a layout in the derivation market: Kraken spent $1.5 billion to acquire NinjaTrader, while a large trading platform is negotiating a multi-billion dollar acquisition of Deribit. These moves not only highlight the giants' strong pursuit of the derivation business but also reflect the increasingly strategic position of the encryption derivation market.
In the early days of Bitcoin, spot trading was the mainstream in the market. As the industry developed and the structure of participants became increasingly complex, simple buy-and-sell transactions have struggled to meet the needs of risk management, investment strategies, and speculation. Just as derivatives play a key role in price discovery, risk hedging, and leveraged trading in traditional finance, the encryption market also needs such tools to enhance market efficiency, expand capital utilization, and serve professionals.