BitMEX’s Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months

bitmex

BitMEX’s Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months

Saturday turned out to be the slowest day for crypto markets as total Bitcoin Futures volumes on the BitMEX platform was recorded to be a minor $948 Million. 

Are Bitcoin Futures Trading Low? 

Source- Skew Markets

While the leading derivatives exchange BitMEX only traded futures worth $948 Million, Binance Futures recorded a trading volume of 16k BTC in an hour. Also, recently the 24-hour trading volume of Binance’s futures markets was seen to have crossed 30,500 BTC.

Denominated in USDT, the equivalent of this would come to over $250 MM. Further, the figures were also said to have exceeded those of Binance spot trading which recorded a relatively lower 24-hour trading volume of 219,868,241 million denominated in USDT.

Source- Binance

On the 9th of October, the trading volume of Bitcoin (BTC) futures on the Intercontinental Exchange’s (ICE) Bakkt platform reportedly soared to 224 contracts on Oct. 9, recording an increase of 796%. However, the start of trading on Bakkt showed poor volumes – merely 72 BTC on the first day. Interestingly, the situation has turned for the better and seems to have picked up a relatively healthy pace.

Source- Bakkt Bot

The low trading volume noted on the BitMEX platform could be one of the several instances of a bad trading day and it might gradually pick up.

Furthermore, despite the decline in Bitcoin prices, customer interest in CME Bitcoin futures remained strong during Q3 with daily Open Interest (OI) of over 4.6K contracts, up 61% vs Q3 2018.

Source- Twitter

As the market continues to garner more opportunities for Bitcoin Futures, it is predicted that Bitcoin prices will gradually increase as futures contracts continue to have a healthy trade volume. 

Bitcoin Perpetual Funding Rates in Positive Territory

All Bitcoin perpetual funding Rates are currently in positive territory. A Perpetual Contract is a derivative product that is similar to the traditional Futures Contract.

Source- Skew Markets

The Funding Rate comprises two main parts the Interest Rate and the Premium / Discount. This rate aims to keep the traded price of the perpetual contract in line with the underlying reference price.  Thus,  the contract mimics how margin-trading markets work as buyers and sellers of the contract exchange interest payments periodically.

Will Bitcoin Futures continue to intrigue investors and traders in the long run? Let us know what you think in the comments below!

Summary
BitMEX's Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months
Article Name
BitMEX's Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months
Description
Saturday turned out to be the slowest day for crypto markets as total Bitcoin Futures volumes on the BitMEX platform was recorded to be a minor $948 Million. 
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: Supriya Saxena

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Post your comment...
Supriya Saxena 195 Articles

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Follow Supriya @