Global Bitcoin Futures reach six-month high above $50 billion

Recent figures show Bitcoin futures have reached a combined $52 billion, the highest they’ve been in at least six months.

– The Bitcoin Futures market has hit a six-month high of over $50 billion.

– Binance retains the largest share of this market with a total of $161 billion of Bitcoin futures.

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– HuobiDM comes in second with a share of $12.7 billion.

The global Bitcoin futures market has hit a six-month high of $52 billion, as noted by market insights platform Unfolded. 

Bitcoin futures allow investors to gain an exposure to Bitcoin without having to actually hold any Bitcoin itself. Much like any futures contract for a traditional asset, Bitcoin futures are speculative investments about the future price and value of Bitcoin. And, right now, they’re booming.

According to data on Coinalyze.net, the Bitcoin futures market hit $52 billion on November 18, 2020. This milestone follows a steady increase in volumes over the last month. 

On October 18, 2020, the market total was at $4.5 billion, before increasing to $30 billion and $38 billion on October 21 and November 5 respectively. This increase also represents a huge 1,055% percentage increase over the last month. 

The Bitcoin Futures market has hit a six-month high of over $50 billion
The Bitcoin Futures market has hit a six-month high of over $50 billion

The share of this futures market is dominated by crypto exchange Binance, which holds a total of $16.1 billion worth of Bitcoin futures. In second place is crypto exchange Huobi’s futures platform HuobiDM, with a total share worth $12.7 billion. 

These two exchanges hold over 50% of the Bitcoin futures market, but the rest of the market is more evenly spread out. 

Coming in third, fourth and fifth are OKEx, Bybit and BitMEX. These three exchanges hold $7.2 billion, $6.2 billion and $4 billion worth of the Bitcoin futures market respectively.

And what’s caused this surge in demand? Well Bitcoin’s rapid price rise, obviously.

TimeBit/Source: Decrypto

*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.