Deribit, which is based in Dubai, reported on Thursday record open interest of $40.8bn (£32bn), which beat the previous high of $40bn in March, according to the firm.

The crypto market traded on Thursday $37.6bn of options, most of which were Bitcoin options, beating the previous record of $37.2bn of options on March 29.

Deribit also traded $1.42bn of Bitcoin futures, $1.07bn of Bitcoin perpetual futures, $329.4m of Ethereum futures and $304.4m of Ethereum perpetual futures.

CME’s Bitcoin future, the most popular cleared crypto derivative, hit on Tuesday this week an open interest record of 38,531 lots, according to the exchange.

Research firm CCData published last week a report that found October crypto derivatives volume rose 19% on the previous month, to $3.69 trillion.

In terms of derivatives market share versus the spot sector, derivatives now make up 71% of the total exchange-traded market, the highest this calendar year.

“The increase in monthly volumes can likely be attributed to the increased speculation in the market ahead of the US presidential election,” the CCData report said.

A Nomura economist said this week India is set to be the “biggest winner” from the second Donald Trump presidency in the US, as the returning Republican candidate talks tough on Chinese tariffs.

“Not all countries are affected equally but perhaps the biggest winner from Trump’s election is India. This is because there is a real potential for activity to move from China to other economies, with India being one of the biggest regional powerhouses in Asia,” said David Seif, Nomura’s chief economist for developed markets.