Bitcoin Open Interest and Daily Volumes on Binance Hit the Record
Open interest and daily volume in the Bitcoin futures market on crypto exchange Binance has hit an all-time high, and now are the highest on the platform.
Bitcoin Hit all the Records
BTC price today has risen above the $19,200 mark and is rushing to its previous ATH of $20,000. This shockwave of volatility has caused the Bitcoin market to face significant trading traffic. Notably, the wave has touched the Bitcoin futures market. Well, open interest in the Binance futures market just surged to the record of $1.2 billion.
The 24h Bitcoin futures volumes on the exchange are estimated to be much higher than all other crypto platforms in the industry. The amazing fact about it is that Binance is currently running almost $11 billion worth of BTC futures trades, while another crypto exchange Huobi is lagging behind with $8.3 billion worth of 24h Bitcoin futures volume.
Bitcoin has zoomed right after Ethereum`s currency rally started slowing down. While Ether stopped below $600 after surging $618, Bitcoin set an aim to break the previous ATH of $20k.
Today on November 24 Bitcoin is trading around $19,200, but all are positive to set a new all-time high of $20,000. The well-known bitcoiner PlanB is predicting the beginning of a new bullish market in his Twitter:
“Slowly but surely this is beginning to look like (the start of) a bull market. Best ever #bitcoin month in $ terms (+$5400) and RSI crawling towards bull market levels.”
What is interesting, RSI is currently trending in the 70 – 80 range; unlike in 2017 the RSI level almost reached 100. Though back then the Bitcoin rally suddenly cut off the moment it hit $20,000. In the current market situation, we have RSI that has just broken a tight range that did not let Bitcoin blossom for almost three years.
So what could cause the highest indicators of open interest and daily volume? As Bitcoin is going bullish, and Binance took the decision to give American users two weeks` notice to leave the platform, users could consolidate their coins to withdraw all BTC in a moment. These movements might be a reason for the all-time high trading volume on the platform.
But, it is not an explanation for the Bitcoin futures record, which obviously should be caused by a bullish rally.
According to the analysis firm Glassnode, futures open interest on Binance is currently higher than $1.1 billion. What’s interesting, Binance now owns about a quarter of the whole Bitcoin volume which is $4.1 billion.
Same as trading volume, Bitcoin futures are typically profiting from price movements. It means futures are a cool marker of open interest because they are used to speculate on price changes. So, there is no surprise for the all-time high Bitcoin market today.