Bitcoin Futures trading volume on Binance surpasses spot trading with $582 million
Binance opened its Bitcoin Futures trading on 11 September, making both the contested platforms A and B available for its users. Ever since the launch, Bitcoin Futures have been a hit among BTC traders, reporting a trading volume of almost $170 million in 24 hours, with max leverage. It has been almost a month since the platform went live and Bitcoin Futures have now overtaken Bitcoin’s spot trading volume.
The 24-hour trading volume for Bitcoin on Binance.com was reported to be 68,239.99 BTC [$582 Million], at press time, while the spot trading volume of Bitcoin on Binance was noted to be $529 million, at press time. The 24-hour trading volume for Bitcoin Futures has been higher for the past couple of days. Binance’s Chief Executive Officer, Changpeng Zhao aka CZ, shared this development with the community on Twitter. CZ said,
If you haven't noticed, @binance Futures trading volume has been higher than spot (for BTC) for the last few days.
This boy's grown up real quick. pic.twitter.com/mD4q5vxxRV
— CZ Binance (@cz_binance) October 10, 2019
Just after a month in, Binance Futures has managed to grow exponentially and stand as the fifth largest Bitcoin Futures market. Binance Futures follows the lead of BitMEX, Huobi DM, OKEx [Futures] and Bybit. BitMEX leads the pack with a 24-hour volume of $3.214 billion on XBT/USD pair, while the others are around the value of a billion, according to the data provided by crypto-market data aggregator, CoinGecko.
Binance is the only exchange to rank as high as it did with BTC/USDT pair, while the Futures platform B active on Binance JEX ranked 13th with BTC/USDT pair and reported a volume of $146 million.
BTC has been valued at $8,535.84 with a market cap of $153.68 billion. The coin noted a drastic drop in its value in the previous month, but has been recovering from it as it noted a sudden surge of 6.04% over four hours on 9 October. The coin marked a 4.03% growth over a day and 3.36% over the past week. The 24-hour trading volume of the coin was reported to be $20.95 billion.