Bitcoin (BTC) Futures Daily Trading Volume Skyrockets, Surpasses Elon Musk's Net Worth: Research

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Fri, 03/13/2020 - 14:29
Alex Dovbnya

More than $50 bln worth of Bitcoin (BTC) futures contracts was traded on March 12

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According to UK-based crypto derivatives research boutique Skew, the total volume of Bitcoin (BTC) futures reached nearly $50 bln on March 12, which ended up being one of the most hectic days in the asset’s 11-year history. 

For comparison, the net worth of Tesla CEO Elon Musk currently stands at $34.4 bln after the shares of the electric car manufacturer tumbled below $600.

Related
Almost $700 Mln Bitcoin (BTC) Positions Liquidated On BitMEX

Insane volumes  

The Skew data shows that both BitMEX and OKEx traded more than $10 bln worth of BTC futures contracts. There were also eight exchanges whose trading volumes surpassed $1 bln. 

Notably, Bakkt’s physically-delivered BTC futures didn’t see a significant spike in volumes with 1,777 traded contracts.

Related
Analyst Names Five Reasons Bakkt Struggles to Compete With BitMEX

Is BitMEX losing its power?  

BitMEX defined the 2018 crypto market because it was the go-to destination for trading crypto derivatives. As of February, their Bitcoin (BTC) futures trading volume reached the important milestone of $2 trln.

Since then, its market share has drastically declined, but it remains a force to be reckoned with in the crypto space. 

Sam Bankman-Fried, the CEO of FTX, posted his theory that BitMEX went offline today in order not to liquidate its whole order book and prevent the BTC price from crashing to $0, but the exchange denied it. 
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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