In the ever-evolving world of cryptocurrency trading, Deribit is making waves. The renowned crypto derivatives exchange has reported that its Block Request-for-Quote (RFQ) tool has amassed a staggering trading volume of over $23 billion since its launch in March. This surge highlights the growing institutional appetite for sophisticated trading tools that offer both efficiency and discretion.
Institutional Appetite on the Rise
Deribit, already a heavyweight in the derivatives space with the largest options market for bitcoin (BTC), ether (ETH), Solana (SOL), and XRP (XRP), has once again demonstrated its market prowess. The Block RFQ system was designed to cater to the unique needs of institutions and high-volume traders. It allows these players to request pricing for complex trades—be it a single instrument or a multi-legged strategy involving spot, futures, or options.
“The RFQ system is a game-changer for large OTC trades,” said Luuk Strijers, CEO of Deribit, in a conversation with CoinDesk. “It allows for multi-leg trades, multiple maker quotes, and greater price efficiency—improving execution while minimizing adverse selection.” Strijers emphasized the tool’s appeal to professional and agency trading operations, thanks to its support for complex structures and large volumes.
A Closer Look at the RFQ System
This innovative system operates much like a private auction. Large traders, the takers, request quotes for their desired trades. Market makers then compete to provide the best bid and ask quotes. This competitive environment fosters tighter spreads and better prices for takers, all while maintaining their anonymity—an attractive feature for those dealing in substantial trade volumes.
March saw the RFQ system handling trades worth $883 million, a figure that skyrocketed to $6.3 billion in April. By May, the tally had reached $9.8 billion, and the momentum shows no signs of slowing down. In just the first half of June, the system has already facilitated over $6 billion in trades. Strijers attributed this growth to the system’s ability to enable multiple liquidity providers to compete on partial quotes, reducing adverse selection and enhancing price efficiency.
The Broader Implications for the Crypto Market
The burgeoning success of Deribit’s RFQ tool underscores a critical trend in the cryptocurrency market: the increasing institutionalization of crypto trading. As more traditional financial institutions explore the crypto space, the demand for sophisticated trading tools that offer privacy, efficiency, and competitive pricing is set to grow. This trend is further highlighted by the fact that Ether is becoming more favored by traders as its volatility against Bitcoin reaches new highs, indicating shifting preferences in the market.
Deribit’s RFQ tool, by allowing traders to execute large orders without impacting public order books, provides a solution akin to buying wholesale—offering better prices and flexible terms. This capability is crucial in a market known for its volatility, where a single large order can cause significant price swings.
But there are questions. Will this trend of institutional participation continue to accelerate? And how will retail traders adapt in a market that is increasingly catering to institutional needs? These are the dynamics that market watchers will be keeping a close eye on. The recent surge in trading volumes on platforms like PancakeSwap further illustrates the diverse strategies being employed across the crypto landscape.
As the calendar turns toward the latter half of 2025, Deribit’s success with its RFQ tool serves as a bellwether for the broader cryptocurrency industry. The exchange’s ability to cater to institutional needs not only enhances its competitive edge but also paves the way for similar innovations across the sector.
The future of crypto trading is likely to be shaped by these developments, with a continued push towards more sophisticated, efficient, and private trading tools. The question remains: How will other exchanges respond to this growing institutional demand? Only time will tell, but one thing is clear—Deribit is leading the charge.
Source
This article is based on: Deribit Sees Strong Demand From Institutions, Volume on Its Block RFQ Tool Reaches $23B in Four Months
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
