Bitcoin futures have always been interesting trading vehicles. It is evident that people want to be exposed to cryptocurrency by any means necessary. OKEx continues to dominate this market, as its competitors aren’t coming closer.
The Current State of Bitcoin Futures
When dealing with cryptocurrencies, there are many options to explore. Some prefer using trading platforms or exchanges. Others want an indirect approach, making futures and derivatives all the more appealing. Whichever vehicle one prefers to play around with, there are a lot of opportunities to take advantage of this market.
Looking at the current performance statistics, little has changed. Numerous providers offer exposure to Bitcoin futures. Some companies are clearly more successful than others in this department. OKEx has been a market leader for some time now, and continues to make its mark.
To be more specific, OKEx is the leader in terms of open interest. It is well ahead of Huobi, BitMEX, and OKEx’s own other products. This goes to show that, while competition is heating up, it is crucial to offer customers different investment options.
In terms of actual trading volume, however, the situation is a bit different. Huobi has more than twice the actual volume of OKEx’s top product. It is worth noting OKEx has multiple products which, when combined, surpass the volume of Huobi. Individually, however, the BTC-USD contract for December 25th remains the most popular offering. Very interesting developments, confirming there is a big difference between open interest and trading volume.
Different Crowds With Different Preferences
It seems that OKEx users want to keep their Bitcoin futures open for longer. Currently, the top interest pertains to agreements settling on December 25, 2020.
It is equally interesting to distinguish between different products by the same company. Users can acquire Bitcoin futures priced in USD or USDT. Contrary to what one might expect, the USD variant is clearly more popular. This is different from regular BTC trading on exchanges. Exchanging against USDT is far more popular on those platforms.
For the time being, it is safe to say the demand for Bitcoin isn’t waning. While there is a bit of a tug-of-war near the $13,000 level, the overall momentum remains slightly bullish. Those who actively trade Bitcoin futures can help dictate the pace for the coming months. So far, that outlook is rather promising.
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