Binance Futures Just Traded An Unlikely Record Of $700 Million

The downward trend in the latest Bitcoin and Ethereum news means that traders are not that active and are waiting before going with high amounts of money against the market. In a situation like this, what is expected is a low volume across all major cryptocurrency exchanges and Bitcoin futures products. However, this is not the case with Binance futures – and the product is the only winner in a lackluster market this week.
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According to analysis of different platforms and their trading volumes carried out by eToro and its senior market strategist Mati Greenspan on October 15, the cryptocurrency markets had all but bottomed out in terms of activity.

As I prepare to board flight 339 on my way to #Amsterdam @HardFork Conference, it's pouring rain here but I wanted to squeeze out a different kind of storm.⛈️⛈️⛈️

Just to show you the sour state of the crypto markets at the moment. Across all crypto venues, volumes are dismal…

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) October 15, 2019

Greenspan shared his analysis in the cryptonews, showing that from a peak of $4 billion per day several months ago, Bitcoin is now seeing less than $22 million changing hands every day. He referenced data from the research outlet Messari – and went in line with other players which told a similar story (BitMEX and Localbitcoins). The futures providers have not escaped as well – both CME Group and the newly-launched Bakkt continue to see what Greenspan described as “very low” activity.

The Binance futures, however, set an unlikely $700 million record, the latest Binance news show. In the wake of a downtrend which follows fresh losses across crypto assets and a period when Bitcoin is down by 20%, Binance is topping a new record.

Despite all the difficult and complex conditions, the analyst Skew Markets is certain that not every business is affected – and Binance futures is a product that just set a new daily trading volume record this Tuesday.

The full analysis shows that more than $700 million of activity occurred on the BTC/USD futures product by Binance, making it the third most traded product before Huobi and BitMEX’s offerings. By comparison, Bakkt managed 10 BTC only (worth $81,000 in total).

Skew Markets previously noted that the last Saturday was a shocking one for BitMEX – and the slowest day – when its volumes dipped to $1 billion versus the $14 billion highs in late June last year.

In the latest news, we can see reds on the market and a general correction that dragged Bitcoin (BTC) to $8,162, Ether (ETH) to $179 and XRP to $0.2898 with a total market cap that is now at $221.4 billion.