On Wednesday, October 15th,2019, Binance Futures BTC trading volumes reached an all-time high of $700 million.
According to data from Skew, Binance Futures became the second-biggest BTC futures market in the world, based on daily BTC/USDT futures volumes.
Binance has been aggressively expanding across the globe with a great momentum generated from the new Binance Futures platform. Also, the inclusion of new services that cater directly to the two biggest crypto markets in the world, U.S. and China have been instrumental to its advance progress.
The efforts have seemingly paid off, with Binance Futures getting off to an explosive start after its new fiat-to-crypto products launch in the U.S. (via Binance US).
The Binance futures platform is just one month old, but it continues to defy the odds by currently trending as the number #3 trading platform after Bitmex and Huobi. Debuting at a daily trade volume of $150 million, the BTC futures daily trade volume went to $700 million within a span of 30 days.
Furthermore, the figures were said to have surpassed those of Binance spot trading, which recorded a relatively lower 24-hour trading volume of 219,868,241 million denominated in USDT.
This prompted a tweet by AG Binance who mentioned how Binance Futures are on a bull run and have already reached 2nd spot in terms of 24-hour volume.
Why This Is So Special
What makes Binance Futures’ rise truly remarkable is the fact that over-all trading activities have been dropping consistently in recent times.
According to Skew, last Saturday was the slowest trading day for the crypto markets in the last couple of months. On the same day, Bitmex’s day-to-day Bitcoin trading volumes dropped below $1 billion, indicating a trader resting period.
Moreover, a remarkable decline took place in the overall Bitcoin transaction amounts, with trade volumes toppling to a mere $200 million across the top 10 exchanges.
In such a grim market set-up, Binance Futures uptrend has become the talk of the crypto world. Aaron Gong, Head of Binance Futures, has attributed the trading volume surge to the platform’s performance advantages. The merits he pointed out were Binance’ low commission trading, fast order matching and its highest liquidity.
He explained that the platform’s engine is capable of processing 100,000 orders per second, which seems to justify the soaring trading traffic on Binance Futures.
Binance CEO Puzzled by BNB Price Drop
On the backdrop of Binance Futures’ raging success, Changpeng Zhao, CEO and founder of Binance exchange, said that the reasons why Binance Coin (BNB) plunged over 50% from its record high in June do not make much sense.