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.
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.
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 25 BTC.
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.
Source: Decrypt
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