Bitcoin Nears All-Time High as Futures Trading Surges on Binance
- Bitcoin briefly traded above $109,000 before settling at $108,959, marking a 3.5% increase in 24 hours.
- The asset is less than 1% away from its all-time high of $109,958.
- Binance’s spot-to-futures volume ratio reached 4.9, the highest in 18 months.
- On May 12, Binance recorded $30.17 billion in spot trading versus $115.56 billion in futures trading.
- Investor profitability remains high with wallets holding BTC for less than one month up by 6.9% and short-term holders seeing gains of 10.7%.
The recent surge in Bitcoin’s price is supported by increased futures trading activity on Binance, where the spot-to-futures volume ratio has hit an 18-month peak of 4.9. Despite elevated profitability among investors, there are no significant signs of mass profit-taking or distressed selling.
Source (2.6)https://www.newsbtc.com/bitcoin-news/binances-spot-to-futures-ratio-hits-1-5-year-peak-as-bitcoin-reclaims-109k/?rand=52377
