On Wednesday, October 15th, Skew noticed Binance futures BTC trading volumes touching all-time highs. And the jump is being considered remarkable for several reasons.
The Binance futures platform is just one month old. And continues to be trending as the number #3 trading platform after Bitmex and Huobi. Debuting at a daily trade volume of $150 million, within a span of 30 days the BTC futures daily trade volume went to 700 million. Undoubtedly, that is a noteworthy surge.
What makes it so special?
The over-all trading activities have been dropping consistently. According to Skew, last Saturday was the slowest trading day for the crypto markets in last couple of months. On the same day, Bitmex’s daily Bitcoin trading volumes toppled below $1 billion, indicating a trader resting phase.
Additionally, a notable decline took place in the overall Bitcoin transaction amounts. While the transaction per day stayed consistent at 320k, the trade volumes dropped to a mere $200 million across the top 10 exchanges. In such a grim market scenario Binance futures uptrend has become a talk of the crypto-town.
A brief performance report of the platform was published by Aaron Gong, Head Binance futures. The 30-day report exhibits a 388% volume growth in just 10 days as the BTC trading increased from 19,253 BTC to 74,647 BTC.
Aaron attributes the trading volume surge to the platform’s performance advantages. Those are its low commission trading, fast order matching and highest liquidity of the platform.
As per Aaron, the platform’s engine is capable of processing 100,000 orders per second. To compare: others struggle to process only 100 orders. And that is why the platform suffered no outages on 24th September when Bitcoin witnessed a sharp price decline close to $1500.
This seems to justify the soaring trading traffic on Binance futures.
Previously, we covered Binance entering the traditional markets with an ETF.