Bitcoin Daily Volume Up 270% This Week, Pushes Past $3 Billion
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Bitcoin Daily Volume Up 270% This Week, Pushes Past $3 Billion Buybitcoins.site

Bitcoin Daily Volume Up 270% This Week, Pushes Past $3 Billion

New data from Arcane Research shows surging Bitcoin trading volume in the first week of November. Bitcoin futures trading on CME is also trending higher.
Arcane Research found average daily Bitcoin trading volume rose 270% from last week.
Bitcoin futures open interest on CME is also up 169%, and the number of large futures traders has doubled in 2020.
CME Bitcoin futures open interest is near a 2020 all-time high of $948 million set in August.
After taking a tumble in October, Bitcoin trading volume on both the spot rate and futures markets are on the rise again as BTC prices push past $15,000.

New data from Arcane Research shows the seven-day moving average daily trading volume for Bitcoin reached its highest level so far this year, more than $3 billion, after rising 270% since November 3. The growing volume shows that interest in Bitcoin is still robust, and that weak volume month-to-month doesn’t mean the bull case is busted.Arcane Research measures “real” Bitcoin trading volume based on data from LMAX Digital, an institution-focused cryptocurrency exchange, and a basket of 10 other undisclosed exchanges Arcane Research considers to be credible.

In addition to volume skyrocketing, CME, the world’s largest futures exchange and one of the first institutions to offer Bitcoin futures, is doing boffo business.Open interest on its Bitcoin futures, a measure of the number of futures contracts not yet settled, increased 169% from last week. Open interest on the exchange is now at more than $900 million, near the all-time high of $948 million set August 17. That indicates significant renewed interest in the original cryptocurrency, nearly matching activity seen in July and August, when open interest remained above $700 million.

Another number sheds some light on this. According to Arcane, the number of large futures traders at CME is increasing, having more than doubled from approximately 40 traders at the beginning of 2020 to 99 this past week. Arcane Research categorizes large futures traders as those holding more than five contracts collectively worth at least
October was a turbulent month for digital assets as the world waited to see the outcome of the US presidential election. With Bitcoin prices on the rise, however, surges in daily volume may become the norm as more and more users are drawn in by Bitcoin’s potential to break all-time highs in the coming months.

Some people are even betting on it.