Bitcoin Trading on Binance Breaks All-Time High
Bitcoin recently broke the $19,000 mark, threatening to hit an all-time high
/NOVOSTIVL/ Bitcoin trading volume has increased to record-setting heights on crypto exchange Binance. What’s more, Bitcoin futures open interest has hit an all-time high of about $1.1 billion.
Bitcoin’s price has increased to comfortably over $18,000 during this ongoing bull run, and as a result, both trading volume and futures open interest have benefitted from the cryptocurrency’s upward momentum.
As per data from The Block, crypto daily trading volume has surged to an all time high, surpassing previous heights set during Bitcoin’s biggest bull run between late 2017 and early 2018.
As this data shows, Bitcoin trading volume has experienced several surges in the last three years, most recently during the summer of this year.
But now, as Bitcoin flirts with an all-time high, Binance’s decision to give American users 14 days’ notice to leave the exchange, many Binance users might be consolidating their assets in order to withdraw their Bitcoin all at once. This could have added to the most recent spike in trading volume on the exchange.
However, that doesn’t explain the surge in Bitcoin futures, which typically coincides with a Bitcoin bull run.
Bitcoin futures are essentially agreements that compel a trader to buy or sell a particular amount of Bitcoin at a specific time and price, and now, they’re at an all-time high.
According to data published by Glassnode, futures open interest on Binance is now over $1.1 billion.
What’s more, futures open interest has been on the rise throughout the last week, steadily increasing to this all-time high from a position of approximately $700 million.
With a share of roughly $1.1 billion, Binance holds about a quarter of the value of the Bitcoin futures market, which stands at $4.1 billion. Other notable shares of this market are ByBit and BitMEX, which hold $1.1 billion and $700 million of the market each.
Much like trading volume, Bitcoin futures benefit from price changes. Typically, futures are a good indicator of market interest because they are used to speculate on price increases. So, it's no surprise they're getting traction - not with these prices.