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Bitcoin Futures Volume Surges 186% as Price Hits $11K

The market for bitcoin futures snapped back to life on Monday as the cryptocurrency's price surged to an 11-month high.

Jul 28, 2020 at 12:14 p.m. UTC
Updated Sep 14, 2021 at 9:36 a.m. UTC

Bitcoin’s derivative market sprang back to life on Monday with futures trading volume witnessing a triple-digit growth on the back of increased participation from U.S. based institutions. 

  • Aggregate daily futures volume on major exchanges surged 186% to $43 billion, the highest single-day volume since March 13, according to data source Skew.
  • Daily trading volume on institutional exchange CME rose 570% to a yearly high of $1.32 billion; Bakkt registered a record volume of $132 million.
  • Total open interest rose to $5 billion, the highest since February.

Bitcoin futures aggregate daily volumes

  • Volumes declined sharply amid dull bitcoin price action, but picked up again as bitcoin crossed $10,400 – a bullish breakout.
  • The price rise was a combination of increasing retail demand and institutional volumes, said Chris Thomas, head of digital assets at Swissquote Bank.
  • Joel Kruger, a currency strategist at LMAX Digital, told CoinDesk bitcoin now looks overextended, suggesting we could soon see a healthy correction, especially with the global outlook increasingly uncertain and the price of bitcoin still vulnerable to weakness in stocks as was seen in March.
  • The bitcoin supply – which fell to a 12-month low in Q2 – might now increase again as miners look to sell their coins on the open market, adding additional downside pressure.
  • The cryptocurrency has pulled back from Monday's 11-month high of $11,394 to $10,700.

EDIT (July 28, 12:45 UTC): This article has been edited to add better clarity to Joel Kruger’s quote.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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