Binance Futures recorded a trading volume of 16k BTC in an hour, and got to the number 4 spot in the highest trading volumes for bitcoin futures in the industry. The platform launched less than a month ago.
On Oct. 3 the platform recorded an impressive 30.5K BTC in 24-hour trading volume, surpassing the trading volume on the exchange’s spot market trading at that moment. The recent hourly trading volume of 16k BTC, however, marks an all-time high for the hourly trading volume for the platform. According to Binance’s founder, Changpeng Zhao, the daily trading volume of the bitcoin futures platform has been growing fast and it has been outperforming the exchange’s spot trading volume for the last few days.
Last Tuesday, Bakkt was under the spotlight for its low trading volume on their bitcoin futures exchange platform. The platform, which had launched a little over a week earlier, recorded a substantial volume decline at the beginning of the month. This was particularly noted because the launch of the platform had been built up under the impression it would bring institutional investors into the crypto market on a larger scale. This Wednesday, however, the platform experienced a 796% increase in traded contracts from the day before, and recorded a new all-time high of 224 contracts.
The futures trading market seems to be on the rise for cryptocurrencies, with CFTC chairman Heath Tarbert recently hinting that ether futures might be coming soon to the US market. At the Yahoo Finance All Markets Summit held in New York City this week, Tarbert stated that he believes ether is a commodity, thus falling under the agency’s jurisdiction. He then anticipated the arrival of ether futures soon, but no further information was given on the matter.
Regarding bitcoin futures, however, the Chicago Mercantile Exchange (CME) recently tweeted about the 61% increase in contracts traded on the platform from last year’s Q3 to this year’s, stating that “despite the pullback in bitcoin prices, customer interest in CME Bitcoin futures remains strong”, as is reflected with Binance’s recent record-breaking BTC futures trading volume.