On-chain Highlights
DEFINITION: The entire quantity traded in futures contracts within the final 24 hours
Bitcoin futures quantity on main exchanges reveals assorted traits all through 2024. The Glassnode charts illustrate a major shift in futures buying and selling exercise. From the beginning of the yr, the quantity fluctuated, peaking in early March with virtually 1.2 million BTC traded each day.
This peak coincided with Bitcoin’s worth reaching over $70,000, suggesting a robust correlation between buying and selling quantity and worth actions on the time. Nevertheless, the quantity declined sharply post-March, ignoring Bitcoin’s rally in June and following the descent to round $55,000 by mid-year.
Because the begin of July futures quantity began to extend once more previous to Bitcoin’s weekend rally to $63,000.
The long-term view highlights the evolution of futures buying and selling since 2020, showcasing durations of intense exercise earlier than and after market rallies, notably in 2021 and early 2023. This historic context emphasizes the cyclical nature of Bitcoin futures buying and selling, closely influenced by worth volatility and market sentiment. As Bitcoin’s worth steeply elevated to $72,000 earlier than halving in April 2024, the next decline in worth and futures quantity signifies a market adjustment part.
Per the chart, Binance stays the dominant platform for futures buying and selling, persistently holding a major share of the whole quantity.
