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

Fri, 13/03/2020 - 14:29
More than $50 bln worth of Bitcoin (BTC) futures contracts was traded on March 12
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Bitcoin (BTC) Futures Daily Trading Volume Skyrockets, Surpasses Elon Musk's Net Worth: Research
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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.

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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.

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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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