Bitcoin

<h2 id="quick-take">Quick Take</h2> 
Amid Bitcoin’s near 20% surge to the $35,000 mark within the past five days, the volume of Bitcoin futures contracts witnessed an astounding rise of 233% in just 24 hours, signaling a heightened level of trading activity. 
This significant uptick in futures volumes, which allows traders to agree to buy or sell Bitcoin at a fixed price in the future, could be indicative of escalated speculative activity, hedging strategies, or a spike in institutional interest. 
<figure id="attachment_367505" aria-describedby="caption-attachment-367505" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-367505 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/vol.png" alt="Futures Volume: (Source: Coinglass)" width="1185" height="457" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/vol.png 1185w, https://cryptoslate.com/wp-content/uploads/2023/10/vol-300x116.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/vol-1024x395.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/vol-768x296.png 768w" sizes="(max-width: 1185px) 100vw, 1185px">
 <figcaption id="caption-attachment-367505" class="wp-caption-text">
 Futures Volume: (Source: Coinglass)
 </figcaption>
</figure> 
The aggregate volume of futures contracts reached a remarkable $87 billion on October 23, marking one of the highest recorded this year. A substantial portion of this activity can be attributed to ByBit and Deribit, with volumes of $17 billion and over $2 billion, respectively, significantly higher than their average volumes. 
<figure id="attachment_367504" aria-describedby="caption-attachment-367504" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-367504 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/bybit.png" alt="Futures Volume Bybit: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/bybit.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/bybit-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/bybit-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/bybit-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/bybit-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-367504" class="wp-caption-text">
 Futures Volume Bybit: (Source: Glassnode)
 </figcaption>
</figure> 
In addition to the aforementioned trends, other exchanges have also experienced a noteworthy increase in futures activity. For instance, Binance has recorded a surge in its futures volume to nearly $48 billion, marking a substantial rise of $30 billion within the past 24 hours. Similarly, OKX is not far behind, with its futures volume reaching approximately $20 billion, up by $15 billion in the same 24-hour span. 
<figure id="attachment_367508" aria-describedby="caption-attachment-367508" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-367508 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/24.png" alt="Futures Volume: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/24.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/24-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/24-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/24-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/24-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-367508" class="wp-caption-text">
 Futures Volume: (Source: Glassnode)
 </figcaption>
</figure> 
The post <a rel="nofollow" href="https://cryptoslate.com/insights/bitcoin-futures-volumes-surge-233-in-24-hours-to-reach-87-billion/">Bitcoin futures volume surges 233% in 24 hours to reach $87 billion</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin futures volume surges 233% in 24 hours to reach $87 billion

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