The daily volume on Binance Futures has exploded in the past few days. On Saturday, it hit close to $2.5B, and this may soon prove to be the new normal.
Two weeks ago, BeInCrypto reported that Binance Futures was posting around $700M in daily volume. It was a ‘record’ then for the new futures platform. However, the recent volume metrics put these numbers to shame.
Binance Eyes Over $2B Volume on Futures Exchange
On Saturday, Binance futures posted almost $2.5B in volume. That is well over 3x what was the record just two weeks ago.
Although the daily volume has since dipped a bit, it still boasted a whipping $1.5B the following day. Now, it seems likely that the exchange will be able to pull off more than $2B volume again—which may soon become the new normal for Binance.
Binance futures – new record on saturday – north of $2bln going through pic.twitter.com/IfUE4naoyC
— skew (@skew_markets) October 28, 2019
The spike in volume is likely due to Bitcoin’s own explosive rise. The leading cryptocurrency posted the greatest daily gain since it was just $10. Of course, Bitcoin’s price explosion brought with it an uptick in trading volume across the board. Binance Futures, however, seemed to be one of the clear winners and has been posting record volume has of late.
Bakkt Gets a Boost
However, Binance Futures is not the only exchange breaking records. Bakkt has also been on fire recently and posted yet another all-time high in trading volume a few days ago. The Bitcoin price spike led to Bakkt’s futures trading volume doubling to $4.8M.
Bakkt’s trading volume still pales in comparison to Binance Futures, but that might be due to their intended audience. Whereas Binance Futures is for more retail investors, Bakkt is tailored towards institutions ones.
Judging from the increase in daily trading volume for both Binance Futures and Bakkt, it seems that interest in Bitcoin is only growing. Needless to say, many investors clearly jumped in after the recent price spike—and we may have the perfect storm brewing before the Bitcoin halving in May 2020.
Images are courtesy of Twitter, Shutterstock.
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