New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
New daily record of $BTC volume on @BitMEXdotcom. All exchange charts are much lower volume so it looks like these faithful beras are responsible for this massive volume. Thanks for providing your liquidations; couldn’t have done it w/o ya. pic.twitter.com/21l0UWG0Q8
— AskMeHowToGetRekt (@IAmRipoff) May 12, 2019
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.
— Barry Silbert (@barrysilbert) May 10, 2019
Clearly, investors are beginning to warm up to the idea that cryptocurrencies are back in a bull market.
More: Arthur Hayes’ Tweet
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.