The Binance futures platform was launched just a month ago, but the results are already impressive: yesterday's trading volume exceeded $ 700 million, setting a new record.
Binance Futures set a personal record
According to data provided by analysts at Skew Markets, on October 15, BTC / USD futures trading volumes exceeded $ 700 million, or about 84,000 BTC. Moreover, the growth in recent days is really impressive: on October 14, volumes amounted to about $ 500 million, and a day earlier they did not reach even $ 400 million.
As a result, Binance Futures took the third place among the platforms that provide access to trade in bitcoin futures . Now it is overtaken only by BitMEX and Huobi . It is noteworthy that on October 14, the volume of trading in futures on BitMEX came close to $ 3 billion, so Binance has yet to reach for leadership.
Binance just had a record volume day for its newly launched BTCUSDT futures product: $ 700mln + traded on the 15th pic.twitter.com/w0MX0csBEt
– skew (@skew_markets) October 16, 2019
And how are the “serious” players in the bitcoin futures market doing? CME and Bakkt cannot even boast of such results: the number of open positions at CME is 2.847 BTC, and this is not about the daily volume. Everything is very sad at Bakkt – the volume for today is 17 BTC.
What does the growth in the volume of trading in BTC futures indicate?
The success of Binance in the futures market came in the fall of bitcoin. For a day, the first cryptocurrency lost 2%, dropping from $ 8.340 to $ 8.155. At the same time, the daily volume of BTC is at a fairly neutral level – $ 15 billion.
A sharp surge in trading volumes often indicates that the bulls are preparing for a new spurt in quotes. Given that volumes at Binance Futures have been skyrocketing for the past 5 days, this behavior may signal an approaching rally. Nevertheless, one cannot speak about this explicitly – other platforms are experiencing noticeable drawdowns, and the trading volumes of the cryptocurrency themselves do not show outstanding results.
It is possible that the increase in trading on Binance Futures is just a side effect of the development of the young platform, or maybe the whales decided to concentrate their forces there. If Bitcoin really arranges a rally in the coming days, the Binance futures platform will really prove itself as a tool for serious players.
Publication date 10/17/2019
Share this material on social networks and leave your opinion in the comments below.
