$8 Billion: BitMEX Trades Record 1 Million BTC in 24 Hours

Omar Faridi
  • BitMEX traded nearly a record 1 million XBT (or BTC) in 24 hours, which equates to over $8 billion.
  • The record was set shortly after its CEO Arthur Hayes said he’s sticking to his $50,000 Bitcoin price prediction.

The Bitcoin Mercantile Exchange (BitMEX), based in the Seychelles with offices in Hong Kong, has reportedly traded a record 1 million in Bitcoin (BTC/XBT) during the last 24-hour period, an amount worth over $8 billion.

The cryptocurrency exchange is considered to be among the most established and secure platforms in the crypto industry. It offers traders both perpetual contracts and contracts with set expiration dates, along with up to 100x leverage on bitcoin trades.

BitMEX’s new trading record was set nearly a month after its CEO Arthur Hayes said he was sticking to a $50,000 Bitcoin price prediction by the end of this year. The Wharton School graduate had also said that the cryptocurrency market would be experiencing “a very strong [short-term] rally on good volume and we definitely could see $8,000 [bitcoin price] … $9,000 … and maybe just shy of $10,000.”

The cryptocurrency exchange has, earlier this year, added Tron (TRX) and EOS futures contracts to its platform. Trading these futures contracts, traders can’t enter 100x leveraged positions, although they’re still able to leverage their shorts or longs.

Crypto Markets Surging

Earlier this month, various analysts pointed out that a short squeeze on BitMEX was likely behind Bitcoin’s bullish performance, as short sellers lost over $180 million in 20 minutes on its platform when BTC added $600 in an hour. Hayes commented on the theory, noting that “for every long there’s a short.”

Bitcoin, the flagship cryptocurrency, is currently trading just above $8,150, according to data from CryptoCompare. The recent surge in cryptocurrency prices comes as two institutional traders reportedly swapped a position in Chicago Mercantile Exchange’s (CME) BTC futures markets for an amount that was the equivalent of the actual “physical” asset.

The first of its kind exchange for physical (EFP) swap with bitcoin futures was handled by E D F & Man Capital Markets, a global financial brokerage firm, and itBit, a digital asset exchange focused on institutional investors.