Categories: Bitcoin

Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]


For cryptocurrency exchanges and derivatives platforms, bear markets are often not nearly as dire as for individual investors. Though aggregate volume generally declines, exchanges can still reap significant profits from intraday volatility.

Hayes attributed the milestone in part to the firm’s recently-launched ETH/USD perpetual swap product, which allows traders to make leveraged bets on the ethereum price without ever holding ether.

The exchange previously crossed the 1 million BTC mark on July 24, notching a record both for the exchange and the industry at large. At the time, those contracts equated to more than $8 billion in 24-hour volume.

BitMEX isn’t the only cryptocurrency derivatives platform that has seen an uptick in trading in spite of the bear market. As CLC reported, U.S. exchanges CME and CBOE have each seen a steady rise in bitcoin futures volume since these products launched in December, with the two platforms accruing a combined $572 million in volume on the same day in which BitMEX crossed 1 million bitcoin contracts for the first time.

LedgerX, a lesser-known U.S. cryptocurrency derivatives exchange that exclusively serves wealthy investors and institutions, also reported that its clients had traded a record $50 million worth of contracts on the CFTC-regulated platform during July.

Featured Image from Shutterstock

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