BTC Futures Volume Hit Over $40 Billion, Highest Since March Market Crash

2020-7-29 15:52

Coinspeaker
BTC Futures Volume Hit Over $40 Billion, Highest Since March Market Crash

Following the latest surge in the price of Bitcoin (BTC), the entire futures market has seen consistent growth as data from data analytics company Skew revealed. There are currently about $5 billion aggregate open interest across the Bitcoin futures market representing the total value of outstanding trades held by investors, the highest recorded since BTC price crashed in the March 12 market downturn.

The almost 20% price surge in BTC in the past 48 hours has also seen a proportionate increase in the volume of BTC futures. The volume which includes both regulated and unregulated futures markets topped $40 billion yesterday. Futures trading platform Bakkt, a New York Stock Exchange (NYSE) owned platform is among the top platforms whose futures trading soared with consistent two-day momentum.

Talk about momentum!

We beat yesterday's record with 11,706 Bakkt Bitcoin Futures traded today – that's over $125MM of bitcoin

— Bakkt (@Bakkt) July 28, 2020

The Chicago Mercantile Exchange (CME) also saw a tremendous uptick recording the most active BTC futures session of the year with an impressive $1.3 billion trades. Based on a CME data, 25,493 futures contracts were traded on Monday, and Tuesday’s preliminary count was already over 20,900 at the time of writing. While Bakkt and CME are notable institutional exchanges to record new futures figures, top exchanges also had a surge in their futures trading volumes.

Crypto Exchanges Are Leading the Retail Surge

From Skew’s data, Huobi comes out as the exchange with the most BTC futures volume at $6.51 billion. OKEx ranks as the second most popular exchange for BTC futures with a daily volume of $5.88 billion, Binance comes out in the third place with $5.66 billion while Coinbase and Bitstamp recorded $429 million and $317 million worth of trades on Monday, respectively.

BTC price as at press time is $11,078.18 according to CoinMarketCap and in a similar proportion, an increasing-price surge may lead to an increased institutional and retail number of BTC futures trading.

For other Bitcoin news and news about altcoins, please follow the link and enjoy reading the latest updates from the cryptocurrency industry.

BTC Futures Volume Hit Over $40 Billion, Highest Since March Market Crash

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Источник: coinspeaker.com

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