BitMEX remains an unstoppable force in the Bitcoin and crypto space, a first choice among traders looking for futures market operators.
BitMEX continues to attract Bitcoin deposits
BitMEX continues to add traders and Bitcoin to its balance. The stock market, which has faced competition from various futures markets such as OKEx, CME and Bakkt, remains the main driver of the action and the discovery of BTC prices.
Over 30,000 BTC have flowed in the BitMEX portfolio from the beginning of 2020. Recent reports show that interest in the exchange is not weakening, despite massive liquidations during unexpected price movements by Bitcoin. The result is estimated at $ 1.25 million in revenue per day.
Despite recent competition from new exchanges and a changing regulatory environment, #BitMEX keep moving on $ BTC the portfolio balance is up ~ 30,000 YTD ?
Avg. Daily volume for 2020 is ~ $ 2.69 billion ?
Conservative revenues for 2020 are $ 1.25 million per day ?Graphic – https://t.co/L4DYwcvFf9 pic.twitter.com/7mAt0ycYse
– Jai (@ jai_prasad17) March 6, 2020
BitMEX remains the most dynamic market, where Bitcoin price movements worth a few hundred dollars can close positions worth hundreds of millions. However, the BitMEX influence is not weakening and the market continues to compete with OKEx in terms of forward volumes.
Coin entries also mean that BitMEX can afford to set aside Bitcoin in the event of business anomalies. But traders are warned of the ease with which the collateral can be withdrawn.
BitMEX attracts net inflows after rally 2020
BitMEX had a very successful year, despite the November email leak. The January rally and expectations of more spectacular Bitcoin price movements also revived entries to BitMEX, with a market increase towards the end of February. In recent months, most of the time, inflows have exceeded outflows, signaling robust demand for the most active BTC perpetual futures contract.
BitMEX activity is also seen as an indicator of general sentiment in the Bitcoin market. For this reason, revenues and inflows are closely monitored.
And the other lesson is the need to monitor the level of real activity taking place on such an exchange. They will try to continue the game if the income is solid. That is to say. Bitmex may now be ok, but run for the hills if Bitmex drops to 1/10 of that daily volume.
– Amygdala of Satoshi (@CryptoMediumist) February 17, 2020
BitMEX also noted large withdrawals during bearish movements, while inflows to the currency signal anticipated large gains. BitMEX may again be decisive in the next bull market for Bitcoin. BitMEX’s robust volumes show no signs of capitulation, despite the volatility of the past few weeks. While Bakkt shows slower activity with lower open interest, BitMEX reveals a renewed enthusiasm for its highly leveraged operations.
On Friday, Bitcoin prices fell to around $ 9,067, BitMEX leading the slide. The BTC traded with a slight discount on the stock market compared to some of the spot markets. Late Friday, the price of Bitcoin dropped, with a price of $ 9,064.21.
What do you think about the influence of BitMEX? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter: @ jai_prasad17, @CryptoMediumist