CME outperformed BitMEX in open-ended Bitcoin futures contracts. Binance still dominates when it comes to daily trading volume
The Chicago Mercantile Exchange (CME), surpassed BitMEX as the derivatives exchange with the second largest number of Bitcoin futures contracts outstanding, show data from Skew Analytics. This after US courts brought charges against BitMEX owners for facilitating money laundering.
OKEx is still the leader in terms of open contracts – although its founder was also arrested by police this month and the lootings stalled.
Bitcoin’s future contracts are essentially about the future price of Bitcoin. If you negotiate a futures contract with us to buy Bitcoin for $10,000 next month, the other party will have to sell you that Bitcoin for $10,000 at maturity.
In this scenario, it would be in the interest of the other party that the Bitcoin Profit Revolution price falls. You can also negotiate these Bitcoin future contracts until they expire.
There is $790 million in open Bitcoin futures contracts at CME. This means that there is still $790 million in Bitcoin futures contracts outstanding until they expire. There is $960 million of open contracts at the market leader, OKEx, and $610 million at BitMEX.
The open contracts are just a metric, and the charts are somewhat linked to the expiry dates of the contracts.
Turnovers tell a different story. Here, Binance is still king; the exchange has traded $4.43 billion in futures contracts in the last 24 hours.
OKEx comes in third place with $2.64 billion in daily trading volume for futures contracts; BitMEX comes in fourth with $1.75 billion and CME – which for all appearances is doing its best to play by the rules – comes in ninth with $330 million in futures contracts traded on the exchange each day. It is worth remembering that WEC is the most regulated exchange of all, as it operates under US law.