- Binance Futures USD daily traded volumes spiked to over $2.1 billion USD.
- OKEx leads the field with over $4 billion USD, Binance holds 18% dominance.
- What caused the spike in Bitcoin Futures volume? Bullish signs on Bitcoin?
According to data on Coingecko, Binance Futures witnessed an obscure surge in the daily traded volumes, growing by 125% in the past 24 hours. Investors flocked on Bitcoin futures over the past day following the wide price difference in intraday highs at $7,800 USD and lows of $7,000 USD.
Binance registered over $2.1 billion USD worth of Bitcoin futures as at December 05 10.30 UTC, representing explosive growth in the past 24 hours from $931 million worth of Bitcoin futures traded. Binance trades on Bitcoin futures peaked at 6.00 UTC Dec 5 reaching $2.17 billion USD and have since slightly dropped to $2.163 billion USD.
In the same period, the price of BTC has seen a dramatic rise to $7,800 as the market experienced one of the strongest short squeezes in Bitcoin’s recent past, before crashing back towards the $7,400 USD.
A growing market on Bitcoin futures, bullish signs?
The spike in Binance futures was not unique to Binance alone as BitMEX also experienced a sharp soar in traded volumes of its XBT contracts. Starting the day off at $1.7 billion USD worth of XBT contracts traded, volumes soared to over $3.5 billion, representing a 105% spike in the past 24 hours. The volumes on BitMEX XBT futures remained relatively the same in the past week, experiencing a slight $0.1 billion USD increase.
OKEx, the China-based crypto exchange, experienced a similar surge in Bitcoin futures traded the last 24 hours, witnessing a rise to $4.3 billion USD from $2.4 billion, 24 hours prior.
What caused the spike in Bitcoin Futures volume?
One event that seems to have spiked investors’ interest in Bitcoin Futures across the industry is the wild price movement on Dec. 3. The spike to $7,800 USD, a $500 increase in less than 10 minutes, saw over $60 million XBT shorts liquidated on BitMEX. In the successive four hours, a reversal towards the $7,300 USD region played out taking out long investors.
BTC investors bumped their contracts over the next 24 hours as bulls broke the sideways movement in price on Tuesday. The surge in Bitcoin futures traded signals a possible bullish situation for the BTC/USD pair as investor interest grows.