Bitcoin has lost nearly half its value this week. However, in addition to retail investors, institutional capital outflows are also very large, and this is evident when Bitcoin derivative charts have been observed even during periods of high market volatility.
In the latest development for the derivative ecosystem, Malta-based exchange, OKEx has surpassed longtime rival BitMEX after BTC Futures volumes soared and overwhelmed Arthur Hayes-led platform.
According to Skew chart, OKEx has registered a volume of $ 12.12 billion, at press time, almost double that of BitMEX, a platform that has dominated space for a long time. The 24-hour future BTC volume on BitMEX is at $ 6.2 billion, at the time of writing.
Trade BTC futures volume 24 hours | Source: Skew
According to the data of CoinGecko, OKEx trading volume soared from $ 1.3 billion on March 11 to $ 5.18 billion, two days later.
Interestingly, OKEx underwent system maintenance at 12:00 on March 12. Shortly after, the platform was up and running, its volume increased and surpassed even BitMEX. In addition, BitMEX encountered a hardware issue with its cloud service provider on March 13, an event that angered traders for not being able to place and cancel orders when the market was sold off. strong.
AZCoin News reported that in March alone, OKEx outperformed BitMEX in BTC Futures volume in three different times. However, those are just the stars that flash in the sky.
In terms of Open Interest (OI), BitMEX leads when OKEx is second, followed by Derebit and Huobi … Besides, OI on OKEx has been declining for some time. Despite the suggestion of a revival, OI on OKEx has dropped significantly after February of this year.
BTC Futures (OI)
BitMEX, on the other hand, recorded a major surge in the same period. This is an indication of the assumption that OKEx traders are trading on their current positions, instead of opening new positions.
According to AZCoin News
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