Bitcoin futures on BitMEX mainly from Europe

Data from BitMEX shows that Europeans in particular trade in bitcoin futures on BitMEX. You could draw that conclusion based on the busiest trading times.

European hours have the most active in the last month.

Here hourly volumes in UTC time for BitMEX’s XBTUSD contract

Morning you get Asia + Europe and afternoon Europe + US. Will be hard to disrupt time zones! pic.twitter.com/gbhAJ7XrSE

– skew (@skewdotcom) December 15, 2019

Bitcoin and dollar listing

The majority of the volume on BitMEX last month seems to come from Europeans. We mainly look at the XBT / USD pair here. XBT stands for bitcoin and USD stands for the US dollar.

However, this data does not compare with the heyday of BitMEX. On June 26, contracts worth 16 billion dollars were traded on BitMEX. An absolute record.

Today sets a new record for crypto:> $ 1B open interest on XBTUSD,> $ 13B traded on XBTUSD,> $ 16B on all BitMEX products. Yet, @Nouriel still believes that cryptocurrencies are a farce. Watch him face-to-face next week in Taipei vs our CEO, @CryptoHayeshttps://t.co/iYxEydvD33 pic.twitter.com/Zdd2Bwkv5X

– BitMEX (@BitMEXdotcom) June 27, 2019

Future contracts have become big

BitMEX has personally ensured that many private investors / gamblers embraced future contracts on bitcoin. Almost every exchange now also offers a similar product.

Institutional parties can go to CME and Bakkt for similar products. In addition to a bitcoin-based contract, these parties also offer a fiat-based contract.

Many agree that this is not good for the natural growth of the bitcoin rate and that being able to go short on the rate has ensured that bitcoin is completely collapsed in 2018.

Going short is healthy development

Writer Andreas Antonopolous agrees, but says that this is not necessarily bad:

“We know for sure that when the bitcoin rate began to rise very quickly in 2017, the US Treasury decided to speed up the deployment of futures markets to stop the bubble.” He is referring to the launch of CME. “Many people see that as a conspiracy against bitcoin, but this is the real task of the Treasury.”

“Price suppression is not a conspiracy issue, it is a market-based approach to enable those who do not believe in cryptocurrency’s to take an opposite position by going short.”

This has slowed down the price increase, but has also resulted in less volatility. “A market that consists purely of proponents will be very” one-sided “, he noted.