Binance Futures Volume rises to annual highlights: what does it mean for the price of BTC?

Binance, the current leader in centralized exchange trade volume, also has a leading position on the market for derivatives.

Although these figures are strong, other benchmarks suggest that user activity may decrease.

Significant dominance

Data -analyzed company Cryptquant shared A report from a community analyst, @Iho_mismunes,
Presentation of how the largest centralized exchange (CEX) is currently far ahead in the Futures -Handelsvolume.

The $ 2.55 trillion of Future volume was reached last month and is the highest level registered for Binance this year, according to the graph of CQ. The previous peaks were in January, when it reached $ 2.43 T and May, which registered $ 2.26 trillion. This jump followed a month of volatility and price records for both Bitcoin and a few altcoins, who probably brought in more traders.

OKX and Bybit also reported marginal volumes, with $ 929 billion and $ 1.09 trillion respectively, and these figures have remained relatively comparable throughout the year. The established exchange of Changpeng Zhao remained the leader with a wide margin, good for more than half of the total volume over other large fairs, including Kraken, Coinbase, Bybit and others.

Cryptopotato Reported that Binance led the indictment on the derivatives market in April and it is clear that the momentum remained strong. The increased trading levels suggest that more users participate in these markets, using risky strategies.

“The increase in trade suggests that more users are active again, possibly due to the recent price drop -” – noticed afterwards.

What about other statistics?

Futures volume is perhaps booming, but other important statistics point in a different direction. When Cryptopotato Explained on Monday, a Bitcoin sale resulted in $ 1.5 billion in liquidations, and the financing rates, a compensation that was periodically exchanged between long and short positions in a perpetual futures contract, became negative.

Negative financing percentages indicate that there are more shorts than longs, which can be interpreted as more people who bet on prices to fall instead of rising, which is more “risky” sentiment.

Data collected during the printing time of the token terminal also suggest a decrease in interaction with Binance, where active monthly addresses fell from around 800,000 at the beginning of June to around 340,000 at the beginning of August, which represents a decrease of 57.5%.

This collision of positives in negatives seems to be in accordance with the current market sentiment, which is in a “neutral”. It has also been a mixed bag with ups and downs for cryptocurrency prices, in which the total crypto market capitalization fell to $ 3.7 trillion, from the $ 4T that it achieved in July, according to coinmarket cap.