The futures on total trading volumes and open interest on Binance, has set an all-time high price. With Bitcoin’s ongoing bull run, the volume of crypto trading and Bitcoin futures have soared on Binance.
According to a news publication on Decrypt Bitcoin was able to break the $19000 mark seamlessly. It seemed as if it would barge to an all-time high price. The trading volume on Bitcoin has lately been able to set new marks on the crypto exchange Binance.
The futures open interest of Bitcoin was able to reach close to the $1 billion figure. With the ongoing bill run, both futures open interest and the trading volume have benefited from the surge in Bitcoin as of now.
Larry Cermak, the director of research at The Block, had tweeted precisely the scenario. This mark is ahead when compared to the figure reached in 2017 and 2018.
Taking note of that, Balance has given American users 2 weeks’ notice to leave the exchange. The users can consolidate assets to be able to withdraw Bitcoin at one time.
Similar to trading, the futures of Bitcoin lie in the changes in pricing. The futures of Bitcoin are an excellent indicator of market interest. One can easily comprehend the increase occurring in the prices.
Bitcoin futures hold the key to the prices. They are agreements in which a user can sell or buy the Bitcoin for a particular price and time. A news article on Glassnode has mentioned that the futures open interest is now over $1.1 billion on Binance.
Throughout this week, the futures open interest has consistently risen steadily. This gave it a major boost to close to $700 million, which is exceptional. Balance is valued at more than $4 billion, which is a quarter value of the Bitcoin futures market.
ByBit and BitMEX are other notable shares in the Bitcoin market. They have shares of close to $1 billion and $700 million each.