Bitcoin Futures Market Reaches Six-Month Highest Position after Claiming $52 Billion
The volume of Bitcoin futures has surged to a six-month highest position after crossing the figure of $52 billion. The rising figure shows the trust of investors over the world’s leading cryptocurrency has increased, and they are very optimistic about its future.
Bitcoin futures work like traditional futures in which traders and investors bet on the future value without holding Bitcoin. As technical metrics are having bullish patterns for Bitcoin in the future, the traders are also having a positive view of it and are investing capital in the primary cryptocurrency.
The statistical report of Coinanalyze.net reveals that the total global market value of Bitcoin futures has touched $52 billion, the highest value witnessed over the last six months. An exponential surge in the value has been recorded over the last month.
1,055% Increase in a Month
According to the given data, the value was standing at $4.5 billion on Oct.18, which then reached $38 billion on Oct.21, but currently, the market is hovering at $52 billion. Over the last 30 days, the market of Bitcoin futures has witnessed an increase of 1,055%.
The major portion of the market is controlled and managed by the top cryptocurrency exchanges as crypto exchange Binance is holding $16.1 billion of the total value. HuobiDM comes at the second number with a market share of $12.7 billion. Both Binance and Huobi constitute 50% of $52 billion, while other exchanges include OKEx ($7.2 billion), Bybit ($6.2 billion), and BitMEX ($4 billion).
Bitcoin is close to overturning an all-time high of $20,000 as it is currently exchanging hands at $17,893. Over the weekly timeframe, the top digital asset is up 11.92%, which is a sign of high bullish sentiments in the cryptocurrency markets. In a recent aggressive rally, Bitcoin claimed $18,500, but bears stopped it and pushed it down to some extent.
Market experts and analysts have a strong belief that Bitcoin will break the all-time high record before the end of 2020. However, the data also reveals that the majority of the miners have not yet sold their BTC holdings.
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