Binance Futures Volume Soars to Yearly Highs: What Does it Mean for BTC’s Price?
Main Idea
Binance leads centralized exchanges in trading volume with $2.55 trillion this year, while other metrics like Bitcoin liquidations and active addresses show mixed trends.
Key Points
1. Binance recorded a trading volume of $2.55 trillion this year, surpassing previous peaks of $2.43T in January and $2.26T in May.
2. OKX and Bybit reported marginal volumes of $929 billion and $1.09 trillion, respectively, so far this year.
3. A Bitcoin sell-off led to $1.5 billion in liquidations, indicating a 'risk off' sentiment.
4. Active monthly addresses on Binance dropped by 57.5%, from 800,000 in June to 340,000 in August.
5. The overall market sentiment is described as 'neutral,' with total trading volume dropping to $3.7 trillion from $4 trillion in July.
Description
Binance, the current leader in centralized exchange trading volume, has cemented a leading position in the derivatives market as well. While these numbers are strong, other benchmarks suggest that user activity may be dwindling. Significant Dominance Data analytics firm CryptoQuant shared a report from a community analyst, @JA_Maartun, showcasing how the largest centralized exchange (CEX) is currently well ahead in futures trading volume. The $2.55 trillion in futures volume was reached last mon...
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