Major BTC traders are trying to make profits on digital gold by trading BTC-based derivatives, such as futures contracts.
Bitcoin futures success on BitMEX
The BitMEX futures contracts pair XBT/USD is approaching the ATH of $1.23 bln that has been achieved earlier this year, its trading volume increased by $250 mln just within ten days.
The platform’s highest portion of trading volume comes from BTC futures – 91 percent on a daily basis.
BitMEX exchange is a trading venue that offers customers a chance to trade digital assets and their derivatives. It is owned by HDR Global Trading with headquarters in Seychelles and representative offices in many other countries.
Despite the fact that other assets prices have moved down substantially over the last day, Bitcoin is still more or less steady on its level of consolidation.
This year, this is the fourth time, when the open interest on futures on BitMEX has reached $1 bln. This is quite impressive.
It seems that traders on BitMEX are willing to stake more funds on BTC futures, not fearing to lose them. However, no actual consensus exists regarding the direction the Bitcoin price will head later on.
Bakkt about to launch BTC futures
As reported by U.Today previously, the Bakkt trading platform set up by the ICE exchange also plans to roll out their much-expected Bitcoin-based futures contracts on September 23.
So far, last week, Bakkt launched a crypto custodial service for its clients.