Bitcoin futures market surged up to $3.65 billion as it broke the $12,000 resistance level.
Bitcoin is performing well this October. Last week, the crypto achieved another milestone as it creates a new all-time high price. In a published report, Bitcoin has already passed its $12,000 resistance level. This event once again catches the attention of investors in and out of the crypto world. Hence, increasing the trading volume of BTC.
Futures market is one of the trading features in the crypto world that was recorded to boost its volume along with the BTC price surge. The graph above shows that the Binance exchange is the most used platform for futures trading with a $3.65 billion trading volume.
Aside from futures trading, the open interest of Bitcoin in different exchanges is also performing well. Based on the chart above, the top 3 exchanges namely Binance, Huobi, and Bitmex have an open interest of over $600 million. This open interest indicates the range of capital flowing in and out of the market. If more capital flows to Bitcoin futures, the open interest will increase. But, if the capital declines, the open capital will then decline.
Therefore, the increasing open interest can be a sign of a bullish market, while if it decreases, this signals a bear market.
These events made Glassnode react in a tweet post:
— glassnode (@glassnode) October 21, 2020
Moreover, these achievements mentioned above prove that Bitcoin is one of the profitable cryptos to invest in. In addition, some analysts predict that the Bitcoin market cap could surge to trillions in the years to come.