Bitcoin has now officially bounced back after having a tumultuous past few months led by the severe market crash back in March. As per the latest data tracking report of the reputable analytics firm, Skew, Bitcoin’s collective day-to-day futures volume on prominent exchanges have now skyrocketed by 188%, reaching its highest recorded daily volume ($43 billion) following the March crash.
Volumes have sprung back up all across the board. As a testament to people’s returned interest to the still-leading crypto, CME’s daily trading volumes have spiked upwards by over 570% – now reaching $1.32 billion – which is their annual high. Bakkt, on the other hand, managed to reach its historical volume record of $132 million despite being relatively new to the industry.
Furthermore, Bitcoin’s market price has once again crossed the 5-digit figures. It is currently sitting at $10,896 per BTC after experiencing a massive 12% increase that landed to the second-highest recorded figure ever of $11,300 per BTC last Monday. Notably, open interest for the crypto has risen to $5 billion, which is the highest since February 2020.
This price surge is brought by the bounce-back of institutional volumes and retail demands. Considering that the OCC has now given the green light for US banks to offer crypto custodial services, the trading volume of Bitcoin are expected to go up even more. Industry experts foresee another surge in the horizon as miners are now actively scouting for opportunities to sell off their mined coins to the market, while high-end investors are taking up an interest in the crypto more than ever before.