As the crypto market goes through a roller-coaster week, Binance saw a spike in trading activities on its derivatives platform, pushing the daily volume to a new all-time high (ATH).
In an email shared with CryptoPotato, the leading exchange noted that Binance Futures’ 24-hour volume exceeded $100 billion yesterday, with data from Coingecko and CoinMarketCap confirming the milestone.
Launched in 2019, Binance Futures quickly became the largest derivatives platform in the crypto market by trade volume in September 2020.
Aaron Gong, the Vice President of Binance Futures, talking to CryptoPotato, noted that while it is exciting for the exchange to witness this remarkable growth, it also presents a challenge.
He acknowledged that the adoption of Bitcoin and cryptocurrencies in general by large institutional investors had increased the public awareness of these virtual assets.
Gong also said that with this new surge in interest, the exchange would have to keep up with the needs of its rapidly growing client base.
“Whilst exciting, the significant increase in user activity and trading volume also provides a challenge in our industry. Users naturally desire a smooth and fast trading experience, so this is as important a time as any to focus on ensuring we continue to provide a level of experience users would expect from a leading exchange.”
Gong added that Binance Futures is continuously improving its user experience to enable seamless transactions, in addition to introducing new investment products to its clients.
He mentioned Binance Futures’ latest investment product, the USDT-margined quarterly futures, which was released earlier this month. It offers “users the ability to choose according to two trading parameters (USDT-margined vs. coin-margined; quarterlies vs. perpetuals).”
When large traditional institutional investors are coming into the industry, the option of quarterly trading futures will enable them to engage in the crypto market in the same manner as they have been working in traditional finance.
While Binance Futures has recorded a new milestone in its daily volumes, investors were left counting losses as the crypto market suffered a big blow over the last 24 hours.
With Bitcoin dropping from $55,000 to a low $45,000 in hours, data revealed that a total of $5.38 billion was liquidated from the market across exchanges.
