- 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.
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.