Binance, CME Bitcoin Futures Hits Fresh High As BTC Flirts With $20K

Bitcoin’s short-lived stint with the $19,348-level has triggered immense volatility not just across the spot market but also in the derivatives space of the cryptocurrency realm. As it geared up for retaking its previously established peak, trading volume figure on one of the world’s leading cryptocurrency exchange, Binance surged substantially.

What’s more, Bitcoin Futures open interest [OI] has also increased to record-setting heights on the platform. The figures climbed to a fresh all-time high of about $1.2 billion as the bullish momentum of the cryptocurrency continued. With this, Binance now holds approximately a quarter of the value of the Bitcoin futures market, which currently stood at $4.1 billion.

Over the past month, Bitcoin futures aggregated trading volume has been higher than its previous months, thanks to the renewed optimism among the market participant prompted by the latest bull run. Notably, Binance’s figures saw tough competition from yet another cryptocurrency exchange and derivatives platform OKEx.


Bitcoin Futures Figures Breaking Record Across Platforms

As Bitcoin flirted with a new high, a more sophisticated product, Chicago Mercantile Exchange [CME] also witnessed its Bitcoin futures figures spike to fresh peaks surpassing high June-July levels. The daily trading volume rose to an ATH of $1.8 billion. The previous high of $1.5 billion was recorded on the 23rd of November during which Bitcoin being traded at $18.3k.

According to the latest Skew charts, CME’s open interest also recorded its highest level at $1.2 billion.

This comes amid a massive surge of institutional capital inflows to the world’s leading cryptocurrency and its derivatives markets as billionaires and institutional investors were warming to the digital asset. Hence, these trends evidenced that not just retail but also new institutional investors were seeking exposure to Bitcoin.

Several experts have noted that the current rally was catapulted by the increasing investment from not only institutional investors, investment banks but also more importantly payment companies. This included popular giants in the payments realm such as PayPal and Mastercard as they launched crypto offerings for their huge userbase this year.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.