BitMEX traders are betting more than a $1 billion on bitcoin

  • In Business
  • 2019-09-08 16:00:12Z
  • By Decrypt

Bitcoin traders are gradually increasing their exposure to Bitcoin on futures trading platform BitMEX.

BitMEX's main trading pair-XBT (which represents Bitcoin) against USD-has a current open-interest of $1.06 billion. It has risen by over $250 million in the last 10 days, soaring past the $1 billion mark. Open interest is the total number of "open" trading positions on a particular pair.

The trading pair is also approaching its all-time high of $1.22 billion-set just a few months ago on July 10. BitMEX has the lion's share of bitcoin futures trading, and as such is seen as a bellwether for the market's overall health. It also makes up 90% of BitMEX's daily trading volume.

The increase in open-interest on BitMEX over the last few months shows that traders are willing to risk more of their money on the future outcome of Bitcoin's price. But, there is no clear consensus on which way they think the price will move.

Over the last 24 hours, based on the volume of both "buy" and "sell" orders on this market, the market is split 52% to 48%, slightly in favor of the market going up. So, traders are pretty uncertain.

What's more certain is Binance-the largest exchange by volume-is also entering the futures trading game. Although in its haste, it seemed to have plagiarised BitMEX's explanatory documents. Can it copy BitMEX's success as well?


More Related News

Virus Sparks Round-the-Clock Rush to Fill U.S. Gold Vaults
Virus Sparks Round-the-Clock Rush to Fill U.S. Gold Vaults

(Bloomberg) -- The scramble to jump on one of the hottest gold trades in years -- by shipping bullion to New York -- has sparked what may be one of the largest ever physical transfers of the metal."The flows into New York are unprecedented," said Allan Finn, global commodities director at logistics and

Exclusive: Bullion banks prepare CME pullback after virus snarl
Exclusive: Bullion banks prepare CME pullback after virus snarl

Gold trading banks are preparing to significantly reduce their positions on CME Group's Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors. The divergence wiped hundreds of millions of dollars off the value of trading books, according to industry sources, with HSBC reporting a $200 million paper loss in a single day.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business