Bitcoin dollar futures trading volume topped $1 trillion again after a 21-month low in August.
The volume of trading in futures for the largest cryptocurrency by market capitalization reached $1.05 trillion on all exchanges last month. Volumes are back above $1 trillion after falling below that level in August to $941.5 billion for the first time since December 2020. according to the ZoneSofia Research dashboard.
The August lull came as pre-merger Ethereum futures trading surged, after the Ethereum upgrade, Ethereum derivatives volumes continued to challenge bitcoin. Ether futures volumes fell lower than bitcoin in September after eclipsing them for the first time in August.
Elsewhere, Bitcoin funding rates remain positive on most exchanges, with the exception of BitMex and Huobi, which are showing -1.78% and -0.65%, respectively. Funding rates are payments between operators based on the difference between perpetual contract prices and spot prices. As a rule, they are a good indicator of investor sentiment.
Depending on open positions, long or short, traders pay or receive funds: a negative rate indicates traders are short, while a positive rate means they are long.
about the author
Adam Morgan is the market reporter for ZoneSofia. He lived in London for a year, where he first worked as a freelancer and at a startup before receiving a research grant from Business Insider. He tweets @AdamMcMarkets