The number of Bitcoin Futures Open Interest at OkEx, a cryptocurrency derivatives trading platform, exceeds those of BitMex, the popular Bitcoin trading platform that is closely watched by traders.
And it has been like this for a while now.
OKEx tops with the number of Open Interest, ahead of Binance and BitMex
Notably, BitMex is down the trading volume leader-board.
A look at the number of trading volumes from the leading BTC futures platform reveals that BitMex is down behind Binance and OKEx.
At the time of going to press, positions worth $2.79 billion had been generated from Binance while OKEx, at second, had $2.49 million.
Interestingly, BitMex is third with $2.48 billion of trading volumes on the last trading day.
Binance seems to grow from strength to strength.
Aside from controversially acquiring CoinMarketCap for $400 million, their CEO is keen on expanding the exchange’s reach across the globe. This amid the coronavirus scare and the desperate intervention from central banks.
United States, for instance, has declared that it would shore businesses, embarking on infinite quantitative easing. The say move has been emulated by the ECB, India, China, and central banks from Africa.
Egypt has even introduced limits on withdrawals and eased. The same applies for Kenya and other leading economies from Africa.
Economy could sink into a Depression
However, despite the high number of open interest, a measure of the number of open BTC positions, traders and crypto commentators are not impressed.
Magic, a vocal crypto supporter, opined that this was not the best time to hodl any crypto.
He reasons that there is a serious risk of the global economy sliding into one of the greatest depressions.
“In my opinion, the worst thing to do with crypto, is HODL it as the world slides deeper into what will probably become the biggest depression in history. Crypto will be annihilated. Hodling may have worked in the early days, but crypto has also never experienced a recession.”
In my opinion, the worst thing to do with crypto, is HODL it as the world slides deeper into what will probably become the biggest depression in history. Crypto will be annihilated. Hodling may have worked in the early days, but crypto has also never experienced a recession.
— MAGIC (@MagicPoopCannon) April 2, 2020
Infinite QE won’t help resuscitate Markets
Meanwhile, Jay Hao, the CEO of OKEx, agrees with analysts’ sentiment.
In a blog post, he argues that the decision by the United States to embark on infinite QE won’t help in the long-term and it is like “giving more nutrition to a critically ill patient—it won’t work solely.”
“Injecting liquidity to the market via QE infinity is like giving more nutrition to a critically ill patient – it won’t work solely. Even if liquidity is enhanced, factories still won’t be able to resume production and the panic in the market won’t disappear.”
“Instead, the government should implement more proactive measures to control the spread of the coronavirus and support economic activities in order to restore the confidence of the market.”
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.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich