BitMEX 24-Hour Trading Volume Tops $10 Billion for the First Time

bitmex exchange website
Marco Verch / Flickr

BitMEX, a cryptocurrency trading platform that offers up to 100x leverage, reportedly set a new record for 24-hour trading volume on Saturday — surpassing $10 billion for the first time.

According to a recent tweet by CEO Arthur Hayes, the surge in volume came as investors traded the major breakout in Bitcoin (BTC) and its resulting volatility.

Notably, BitMEX’s 30-day volume currently stands at $85.97 billion, so Saturday’s volume was several times larger than the recent daily average, likely aided by significant short position liquidations.

BitMEX isn’t the only group that has saw a surge in volume thanks to the late-week rally, as the Grayscale Bitcoin Trust (GBTC), which currently trades over-the-counter on OTCQX, saw its volume exceed $50 million on Friday — enough to make it the most actively traded OTC stock.

Clearly, investors are beginning to warm up to the idea that cryptocurrencies are back in a bull market.

More: Arthur Hayes’ Tweet
Similar: BitMEX CEO Doubles Down on $50,000 Bitcoin (BTC) Price Target
Image: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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