According to data released from crypto futures trading platform Bybt, BitMex, and Binance rank first and second respectively, on the BTC futures market.
Bybt says that BitMEX and Binance, both renowned cryptocurrency exchange platforms, are the top two largest BTC players in terms of Open Interest (OI). As at press time, BitMex owns 33.64% OI contracts worth over $562 million while Binance has 19.1% OI contracts worth about $319 million on the BTC futures market.
Trailing behind in third, fourth, and fifth positions are Bybt’s own Bybit (12.3%), FTX (6.67%, and Okex (6.44%) respectively. Bybit’s OI ($205 million) is more than double that of FTX and Okex.
Earlier in March, BitMex’s OI’s valuation was over $1 billion before crashing by almost 50% due to the Bitcoin price crash. However, since the crash, it has been experiencing steady growth. On March 20 BitMex’s OI was valued slightly above $387 million. Compared to its current value, it has grown by about $175 million within two months.
High volumes of OI (both long and short), are indications that market players are interested in Bitcoin. This could very easily spike the king coin’s value.
In recent times, OI has spiked considerably. If BTC crosses the $10,000 price mark as hoped, positions held by both BitMex and Binance will increase accordingly.
Image Credits: Pixabay
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