The volume of bitcoin trading and the total amount of open BTC futures contracts on Binance have increased sharply against the background of the continued rise in the price of bitcoin.
to The Block analyst Larry Cermak, the daily volume of bitcoin trading on Binance rose to an all-time high, surpassing the previous highs set during the bitcoin rally in late 2017.
After the price of bitcoin exceeded $19,000 for the first time in three years, and the Binance exchange asked
traders from the US withdraw all assets within 14 days, many Binance users could start consolidating assets to withdraw them entirely. These two factors could have contributed to a sharp increase in trading volume on the exchange.
According to data published by Glassnode, the amount of open positions on bitcoin futures on Binance also reached a historic high and exceeded $1.1 billion. This indicator has been growing throughout the past week.
Now, Binance accounts for about a quarter of the bitcoin futures market volume, which is $4.1 billion. Like the trading volume of cfvjq cryptocurrency, BTC futures benefit from price changes. Generally, futures are a good indicator of market interest because they are used to speculate on price increases.
Recall that according to a recent report
The investment company VanEck bitcoin is less volatile than the shares of 112 companies included in the main US stock index — the S&P 500.