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Bitcoin futures market volume breaks new record since the March crash

Photo: Shutterstock

The Bitcoin futures market had its busiest day on Wednesday (29) since “Black Thursday”, when bitcoin fell 50% in just one day.

According to data from Skew, futures trading on April 29 registered just over US $ 30 billion (R $ 165 billion). This represents approximately 40% less than the $ 50 billion in volume that the Bitcoin futures market saw on March 12, during the tragic downturn.

Obviously, the price is now going in the opposite direction. The increase in future volume on Wednesday was responsible for a 13% daily rise in what raised Bitcoin’s price from $ 7,600 to a daily close of $ 8,750. Bitcoin peaked above $ 9,000 yesterday, briefly reaching $ 9,422.

The cryptocurrency exchanges Bitfinex, Binance and Huobi had the largest volume, registering US $ 23.2 billion. Bitmex, which was already an undisputed leader in the futures market, registered only US $ 5.3 billion in volume, with its marketshare decreasing day after day.

Open interest in the Bitcoin futures market (i.e., how many trades are still open) has risen above $ 2 billion. The futures market reached an all-time high of $ 5 billion open on February 12, reaching $ 1.8 billion a month later.

According to Messari data, the total spot market volume of Bitcoin, a reliable metric for measuring retail investor interest, registered almost $ 7 billion in volume in the past two days.

At the moment, Bitcoin is trading near $ 8,800. In Brazil, cryptocurrency is quoted at R $ 47,045, driven by the devaluation of the real against the dollar.

* Translated and republished with authorization from Decrypt.co

This source of this article is portaldobitcoin.com.