Bitcoin trading volume on Binance Futures eclipses $1 billion for the first time

Binance, the world’s leading cryptocurrency exchange by volume, has seen its futures trading business rocket to a new all-time high today. For the first time in the history of the derivatives exchange, 24-hour trading volume eclipsed $1 billion.

The surge happened today when Bitcoin rose from $7,500 to a high of $8,800 in a frantic six hours of trading. Trading volume at Binance Futures subsequently rose to a high $1.14 billion—beating the last all-time-high volume of $930 million from September 27.  

Since the launch of Binance futures’ bitcoin derivatives market on September 24, daily trading volume had initially settled in the $250-$500 million range. However, after the futures exchange hit a recent volume low of $300 million on October 13, daily trading volumes shot up to reach a high of $820 million on October 15. Since the recent high, trading volume again fell to a low—this time of $424 million—earlier today, before shooting up as crypto markets spiked.