Furthermore, the statistic often includes various types of derivatives, with different exposure characteristics. A futures contract implies the obligation to buy bitcoin at a later date; the exposure is in the future. Options, on the other hand, give the holder the right to buy, but not the obligation; the actual exposure is in the up-front payment.
Story continues Options open So, what is the solution? Unfortunately, there isn’t an obvious one in sight. The “notional” debate is not a problem specific to crypto markets. Former CFTC Chairman Chris Giancarlo has often spoken about the dangers of relying on notional volumes to form policy, and the CFTC has started looking at alternative calculations.
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