BitMEX Records Over-1M Bitcoin Trading Record for Second Time

Although Bitcoin is experiencing a rather harsh bear market, an incredible amount of it was traded through BitMEX. The number of coins flowing through its systems was in fact so high that on Wednesday it broke the previous one-million-BTC barrier that had set the record for Bitcoin trading volumes in a 24-hour period.

“Once again meeting our own record of 1 million Bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing. In continuously engaging with, and truly listening to, the needs of our customers, we’ve recognized an overwhelming demand for innovative financial products that give the crypto market greater versatility. It’s thanks to our discerning community that we have launched our two innovative, new products: the ETHUSD perpetual swap product and UPs and DOWNs,”

said CEO Arthur Hayes.

He added that the company has made “great strides” in offering a significant amount of derivative instruments based on cryptocurrencies, which may be a reason why the exchange is experiencing such a wild level of success.

The trading volume numbers are all the more baffling considering the fact that they occurred at a time when Bitcoin’s price was collapsing under its own weight, sliding rapidly from the $7,100s to a low that day of $6,227, using CoinMarketCap’s statistics.

The last time that BitMEX posted a trading volume this high, CoinFi CEO Timothy Tam said that there’s “one way from here, which is up” in reference to Bitcoin’s price and its bearish outlook at the time.

Since then, the coin’s price jumped a bit, providing some optimism that it would hold onto a bullish position for some time, then crashed back down, tempting a $6,000 floor.

It’s unlikely that another record-setting achievement by BitMEX would move markets significantly, but at the time of this writing, BTC’s price had jumped 2.43%, signaling a possible re-entry into the $6,500 zone.

This isn’t to say that BTC investors are going to pop any champagne anytime soon, and the reality is that BitMEX’s new trading record might not have much influence one way or the other.

After all, it’s worth reminding oneself that trading volumes include sales of cryptocurrency. In addition to that, a lot of it could also be activity by market makers.