The BitMEX crypto exchange, one of the world’s largest Bitcoin trading platforms, has surpassed a historic mark. For the first time, the 24-hour volume of Bitcoin trading was more than one million Bitcoin – which corresponds to just over eight billion US dollars in the current market situation. However, BitMEX does not trade directly with the crypto currency Bitcoin, but with derivatives.
On Tuesday, 24 July, the time had finally come: for the first time in the history of crypto trading, the volume traded on a single stock exchange within 24 hours reached the one million Bitcoin mark. This happened on the BitMEX crypto exchange between 18:42 UTC on 23 July and the same time the following day. Accordingly, more than eight billion US dollars were traded via BitMEX during this period.
No Bitcoin – What is traded on BitMEX?
As you can see on the tweet, BitMEX does not calculate the trading volume for Bitcoin in BTC, but in XBT. This is because BitMEX does not trade directly with Bitcoin, but with derivatives that represent the value of the crypto currency. The exchange, which has its official seat in the Seychelles, offers these derivatives in various forms, including various models for the fixed term of contracts.
In the crypto community, there are different views on whether BitMEX should be considered as a regular crypto trading place. Thus, BitMEX is listed by various parties as the world’s largest crypto exchange, since the total volume traded of the Bitcoin image exceeds that of all others. According to the official interpretation of Coinmarketcap, BitMEX does not represent a crypto exchange because no actual crypto currencies are traded there. Therefore, the volume of BitMEX has been excluded and Binance is the largest exchange.
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Futures and Derivatives, but still no ETFs
The Bitcoin meanwhile remains stable at just under 8,000 US dollars after breaking through this mark in the course of the week. The entire crypto market is still in a slight upswing.
In addition to BitMEX’s model of buying derivatives of the largest crypto currency, Bitcoin, there has also been an option for Bitcoin futures on the Chicago Stock Exchange since last year. However, investors still have to wait for an Exchange Traded Fund. A proposal by the Winklevoss brothers for a Bitcoin ETF was once again rejected by the SEC. Institutional and traditional investors in particular must therefore continue to be patient.