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Bullish Bitcoin Market Easily Digests Spike in Trading Volume

Trading volume in the bitcoin-tether trading pair on the OKEx crypto exchange reached more than 10,000 BTC in a span of two hours – at least $620 million worth based on the current price.

Updated May 11, 2023, 6:33 p.m. Published Oct 19, 2021, 12:36 p.m.
Will Bitcoin's Bull Run Continue Next Week?
Will Bitcoin's Bull Run Continue Next Week?

Bitcoin market sentiment appears quite bullish as evidenced from the quick absorption of a huge sell order on crypto exchange OKEx during Asian daytime trading hours on Tuesday.

Volume spiked on trades between and the stablecoin on the cryptocurrency exchange OKEx between the hours of 2 a.m. and 4 a.m. UTC, according to data from TradingView.

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From 2 a.m. to 3 a.m., the trading volume totaled 5,929 BTC on the exchange, and it reached 4,049 BTC from 3 a.m. to 4 a.m., the data showed. The total of more than 10,000 BTC works out to at least $620 million based on the cryptocurrency’s latest price.

Hourly volume chart (TradingView)

The crypto industry blogger Colin Wu tweeted Tuesday that “there is a view that it seems that there was a pending sell order of about 14,000 BTC in the BTC/USDT trading pair on OKEx, but it was subsequently eaten by the buy order.”

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When asked to comment on the trades, an exchange spokesperson sent the following, attributed to Lennix Lai, director of OKEx: “We see this as a healthy development within the market and do not currently notice any abnormalities.”

Jason Deane, analyst at Quantum Economics, said the quick digestion of the elevated trading volume might demonstrate the asset’s high global liquidity.

“The fact that such a significant order was apparently absorbed by prevailing trader buying activity is an indication of the underlying strength and bullish bias of the bitcoin market currently,” Deane added.

At press time, bitcoin was trading at $62,079, up 11% over the last week, according to CoinDesk 20 data.

The observed market action came as all eyes were on bitcoin Tuesday ahead of the planned launch of the ProShares Bitcoin Strategy ETF, the industry’s first-ever bitcoin futures-focused exchange-traded fund to be approved by the U.S. Securities and Exchange Commission (SEC).

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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch

Solana CME futures first-day activity compared to BTC and ETH debuts. (CME/K33 Research)

When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.

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  • Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
  • Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
  • Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.