BitMEX, Binance Dominate Bitcoin Perpetual Futures Markets

[email protected] has rapidly gained a foothold in the Derivatives market. In December, BitMEX and Binance saw most of the BTC perpetual futures market volume at $1.7 Bn (40%) and $947 Mn (22.5%) per day respectively on average. Full Dec Exchange Review here:https://t.co/1vLdXo0gRy pic.twitter.com/WaLvVe6iGC — CryptoCompare (@CryptoCompare) January 22, 2020

BitMEX also dominated for Ethereum perpetual futures volumes with 44% of the total market, $3.6 billion in monthly volume. Binance and OKEx followed with $1.9 billion and $1.7 billion respectively. Volume on bitcoin exchanges that only offer crypto pairs accounted for 79%, $340.29 billion, of the total trading volume. While those that offer fiat to crypto pairs represented 21%, $91.5 billion. Delving deeper into fiat pairs the report added that 70% of all trading into fiat in December was made with USD. However, volumes in December had decreased from the previous month by 9% to 835,000 bitcoin. Japanese yen volumes had dropped 11% from November to 715,000 BTC while Euro trading was down just 3% to 222,000 BTC. Bitcoin traded into Tether totaled 7.76 million BTC, down 20% since the previous month. USDT still dominates the stable coins commanding 76% of the total volume traded followed by USDC, PAX, and TUSD. Spurious Crypto Exchange Volumes In terms of total volumes, there were very strange results indicating that wash trading may be occurring at some of these exchanges. According to the report, Bitforex was the top crypto to crypto exchange by total volume in December with $35.6 billion. This was followed by CoinBene and LBank at $27 billion and $25.5 billion respectively. There was no mention of the exchange heavyweights such as Binance, Huobi or OKEx. IDEX was the largest decentralized exchange in December trading a total of $8 million, up 12.75% from the previous month. Are the bitcoin exchange volume results what you expected? Add your thoughts in the comments below.

Images via Shutterstock, Twitter: @CryptoCompare The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/binance-bitmex-dominate-bitcoin-perpetual-futures-markets/

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