Huobi and OKEx Leads the Growing Bitcoin Futures Market

Bitcoin price is back to struggling around $7,000, with industry commentators calling for a drop to $6,900 and then further down to $6,000.

With the bulls losing their battle with bears, the spot market is not seeing much of volume. The volumes continued to drop throughout last week and the lack of activity has been extending to Monday as well.

In the past 24 hours, just $248 million changed hands on top ten exchanges with real volume, as per Messari. But while the spot market is struggling, the derivatives market is seeing a lot of action whether to short or long the world’s leading cryptocurrency. Skewdotcom reported,

“Bitcoin Futures market trading at least $5bln on a daily basis.”

“HBO” at the Top while Bakkt Catching up with CME

BitMEX, the most popular crypto derivatives exchange that offers 100x leverage has been ruling the Bitcoin futures market. But the competition is heating up as spot exchanges start offering derivative products as well.

The shift in the market can already be seen as the so-called “HBO” — Huobi, Binance, and OKEx” emerges at the top.

Huobi made it to the top with $1.89 billion volume in BTC futures. Despite China cracking down on crypto exchanges, both Huobi and OKEx have been hitting record volumes.

The world’s leading cryptocurrency exchange Binance launched BTC futures in September and offers an eye popping 125x leverage on them. During the end of October and the beginning of November, Binance BTC futures recorded a volume of $1 billion for five consecutive days.

According to Binance Futures Tracker, Bitcoin is bullish above $7281.22. Currently, BTC/USDT is trading at $7,260 on Binance.

The latest entrant in the Bitcoin Futures market, Bakkt is also hitting new records, the latest one was made on Nov. 27 of 5671 BTC. Skewdotcom reported,

“Bakkt's hitting new daily volume records almost daily,”

“Bakkt's ATH volume vs CME was actually reached on Nov 6th: yesterday's “record” is actually quite far, although the trend is clearly positive!”

However, economist and trader Alex Kruger says though bullish, “Bakkt is no panacea.”

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