On February 20, Coinbase CEO Brian Armstrong reported that Coinbase International Exchange continues to grow, reaching $1 billion in daily trading volume for the first time.
The Bermuda-based exchange offers crypto perpetual futures trading to professional traders outside the United States.
It was established outside the United States due to the ongoing crypto wars and legal battles. “I think it would be great if perpetual futures were allowed in the U.S. market,” Armstrong added.
Coinbase International Exchange continues to grow, reaching $1 billion in daily trading volume for the first time.
Sign up here: https://t.co/Z21Z7mqrca
It would be great if perpetual futures were allowed in the US market as well. https://t.co/DxXobk5XVS
— Brian Armstrong 🛡️ (@brian_armstrong) February 20, 2024
Bitcoin ETF trading volume soars
Crypto perpetual futures are a type of derivatives contract that allows traders to speculate on the future price of a digital asset without owning the underlying tokens. Unlike regular futures, they do not have an expiry date, allowing traders to hold a position indefinitely rather than closing at the expiry date.
Coinbase International Exchange’s record trading volume day clearly shows that there is demand for such products among institutional investors.
Furthermore, the newly launched Spot Bitcoin ETF in the US has also recorded a large amount of trading volume.
On February 20, Bloomberg Senior ETF Analyst Eric Balciunas reported that the nine new funds had the largest volume of trading since their inception, with a combined volume of approximately $2 billion in trade.
VanEck’s Bitcoin Trust (HODL) saw a lot of trading, with just under $400 million traded that day, a new record. WisdomTree Bitcoin Fund (BTCW) and Bitwise Bitcoin ETF (BITB) also set new daily volume records.
For context, he said $2 billion in daily trading would put it in the top 10 of ETFs and top 20 of stocks, before exclaiming, “That’s a lot.”
The Nine recorded its highest trading volume since its opening day, with total trading volume of approximately $2 billion. $HODL, $BTCW and $BITB All broke personal records. For context, a $2 billion trade would put it in the top 10 or so for ETFs and the top 20 for stocks. That’s a lot. pic.twitter.com/547pIl5grI
— Eric Balchunas (@EricBalchunas) February 20, 2024
The spike in HODL’s VanEck trading volume was driven by an influx of approximately 32,000 individual trades.
VanEck Volume Mystery
Balciunas previously said he was trying to figure out what happened “given how sudden and explosive the increase in the number of trades was (500 trades on Friday, 50,000 trades today)”. to add:
“I think it’s people like Reddit or TikTok influencers who recommended them to their followers. It feels like an army of retailers.”
Moreover, HODL’s capital inflows were only $5.9 million according to preliminary figures, so they do not correlate with this surge. the other side.
Still, CEO Jan van Eck was pleased with the increase in sales.
We welcome new HODL investors (HODLers).
our #bitcoin Today’s ETF trading volume exceeded $399,923,600. $HODLhttps://t.co/dbLtTjkKQX
— Jan van Eck (@JanvanEck3) February 20, 2024
Binance Free $100 (Limited): Get your first month of Binance Futures $100 free and 10% off fees when you sign up using this link. (Clause).
