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Binance Futures Volume Soars Past $1T: Is Leverage Fueling the Crypto Rally?

The crypto derivatives market is roaring back to life, with Binance Futures leading the charge as its latest monthly trading volume surged past $1.04 trillion, eclipsing February’s $962 billion and March’s $683 billion.

This growth in activity has coincided with Bitcoin’s latest rise from the $85,000 level to beyond $94,000, sparking fresh debate over the role of leverage in fueling the latest price run-up.

Binance’s Dominance

CryptoQuant analyst JA Maartun first reported the rapid uptick in Binance Futures volume activity. He noted that April’s futures volume had already surpassed February and March totals, even though a few days remain before the month ends. According to him, only January’s $1.23 trillion ranks higher in 2025.

The growth wasn’t only seen in Binance, with competitors like OKX and Bybit registering substantial spikes, too. OKX has recorded $519.9 billion in volume, a significant improvement from the $427 billion and $306.7 billion attained in February and March, respectively.

Bitget follows closely, jumping to $435.4 billion from the $270.6 billion transacted last month. On the other hand, Bybit’s April futures volume has just exceeded $409 billion, a vast improvement on its March figures of $248.4 billion.

The influx comes around the same time Bitcoin is experiencing a sharp rebound in its price. In the past week, the number one cryptocurrency climbed from around $85,000 to highs of $94,700 earlier today.

This nearly 12% move also unfolded within a highly active trading window, where Binance’s aggressive taker activity, market buys that fill sell orders at prevailing prices, played a dominant role.

Over the past month, the platform’s taker buy/sell ratio went up nearly 19%, with a 7-day gain of 6.2%. It resulted in a net taker volume of close to $62 million, the highest in weeks, and a strong indicator that confident buyers are now driving the market narrative.

A Bullish Breakout or Overheated Rally?

However, beneath this surface-level euphoria lies a more nuanced and cautious sentiment, especially when examining the behavior of short-term holders (STH) and miners. Maartun posted a striking datapoint on X, showing over 47,000 BTC was sent to exchanges in a 24-hour window by STHs looking to make a profit.

The broader wave of strategic selling across the crypto ecosystem also adds to the profit-taking narrative. As 报告加密土豆, BTC miners gained about $18.6 million, selling as the asset’s price approached $93,000. Ethereum whales have been no less restrained, offloading over 305,000 ETH valued at almost $540 million to exchanges within the past week.

Some observers feel these synchronized moves could signal an undercurrent of skepticism about the sustainability of the current rallies both cryptocurrencies are experiencing, even with prices rising.

职位 Binance Futures Volume Soars Past $1T: Is Leverage Fueling the Crypto Rally? 首次出现在 加密土豆.


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