Binance Bitcoin [BTC] Futures Daily Traded Volume Drops by Over 35% of ATH

Binance futures
Binance futures

Binance Bitcoin [BTC] Futures Daily Traded Volume Drops by Over 35% of ATH

Binance BTC Futures daily traded volume drops by over 35% from its all-time high trades

  • Binance bitcoin futures recorded the highest trading volume since its launch on Oct. 15.
  • The daily traded volume of Binance futures currently stands at $499million USD, representing 39% plummeting from the ATH volumes.
  • Binance Coin (BNB) drops over 50% since all-time high price of $38 USD.

Binance trading volume tops $800 million USD

The month-old Binance BTC Futures are breaking all kind of records when it comes to crypto derivatives trading. This follows an excellent start to the month of October in which the volume of futures traded exceeded the spot trading volume, daily traded volume broke the $800 million barrier placing the asset class second, only behind BitMex in the daily traded volume rankings, and also the exchange’s latest BNB coin burn.

 Source: Skew Markets

Despite the high volumes recorded, Binance only offers 20X leverage on its trading products, substantially low compared to its rival, BitMex’s 100X leverage.

A 30% drop in volume of futures

However, since reaching its peak, the daily volume of BTC futures has dropped by 30% in the past 48 hours, with a total of $499 million USD worth of futures traded today. BitMex leads the volume ranking with a total of $1.49 billion USD worth of trades with Huobi exchange recording a total of $890 million USD worth of BTC futures trades.

Source: Skew Markets

Binance just edges out CoinFlex on the third spot with $499 million USD worth of BTC futures trades in the past 24 hours with the latter recording $491 million USD worth of trades.

Binance coin price slows down in Q3

Binance coin (BNB) has experienced over 300% increase in price since January’s price of $6 USD per BNB token. However, during the third quarter of the year, the price experienced a sharp reversal in price from an all-time high price of $38 USD to a current price of $17.76 USD, representing over 53% decrease in price.

The fall of BNB prices comes amidst shock from Binance CEO, Changpeng Zhao, who believes the platform grew sufficiently in Q3 to prevent the plummeting of price. CZ Binance released a thread of tweets to his followers highlighting the exchange’s achievements in the past few days.

CZ Binance responds to criticisms on the fall of BNB price across Q3 (Source: Twitter)

Summary
Binance Bitcoin [BTC] Futures Daily Traded Volume Drops by Over 35% of ATH
Article Name
Binance Bitcoin [BTC] Futures Daily Traded Volume Drops by Over 35% of ATH
Description
Binance BTC Futures daily traded volume drops by over 35% from its all-time high trades.Binance bitcoin futures recorded the highest trading volume since its launch on Oct. 15. The daily traded volume of Binance futures currently stands at $499million USD, representing 39% plummeting from the ATH volumes. Binance Coin (BNB) drops over 50% since all-time high price of $38 USD.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Post your comment...
Lujan Odera 48 Articles

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Follow Lujan @