A crypto strategist who accurately called the Bitcoin bear market bottom in 2018 says that he’s quietly building positions in a new exchange token.
In a tweet, the trader known as Smart Contracter tells his 126,900 followers that he’s amassing DETO, the utility and rewards token that will power Delta Exchange, a crypto derivatives trading platform.
“DETO still accumulating since Delta Exchange listing… Only a matter of time before the next markup in my opinion… In a sea of red, DETO on Delta Exchange didn’t bat an eyelid, still accumulating for the next markup.“
The widely-followed trader adds that he started to take notice of DETO after reading a lengthy thread posted by Sino Global Capital. According to the early-stage venture capital firm, they invested in Delta Exchange largely due to the growing appetite of traders to venture into the crypto derivatives market.
“Total monthly crypto derivatives volume almost doubled in the month of November to a new all-time high of $1.32 trillion, while total spot volume rose to $906 billion. The derivatives market now accounts for nearly 60% of the entire crypto market, up from ~50% in the month of October.”
Sino Global adds that India is still an untapped market that offers a lot of potential as interest in cryptocurrencies grows in the country.
“While crypto popularity among the general public is a long-term positive sign for Delta, the key engine of future growth for the company lies in India’s untapped pool of sophisticated traders.”
The VC firm also highlights that India has a voracious appetite for derivatives trading.
“In 2019, the National Stock Exchange of India (NSE) surpassed the US-based CME Group to become the world’s largest derivatives market by volume.”
Sino Global concludes that Delta Exchange is in a unique position to capture the crypto derivatives market in India and leverage the base to grow across the world.
“Delta has global ambitions with a unique opportunity to dominate the Indian market in crypto derivatives and use this base to grow internationally. We expect growth in crypto derivatives to outpace spot in the future as the product mix falls more in line with traditional finance.”
At time of writing, DETO is trading at $0.38, down 2.7% in the last 24 hours, according to CoinGecko.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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