Bitcoin is rallying hard, rising to a new 2020 high. The world’s leading digital currency went as high as $11,400 before pulling back to $10,700.

Now, we are back above $11k, and if today makes a repeat of Monday, we might get to see $12,000 and more records in volume.

The gains resulted in more than $500 million bitcoin shorts getting liquidated across derivatives exchanges, $126 million on Binance, $124 million on BitMEX, $102 million on Huobi, $95 million on OKEx, $52 million on Bybit, and $13 million on Deribit.

The bullish thing about this move is the strong volume backing up the uptrend.

Before last week, the ‘real’ daily trading volume on spot cryptocurrency exchanges has been extremely low, going as low as $500 million. But over the weekend, it exploded as bitcoin started moving and breached the important $10,000 level.

And then, when BTC jumped above $10,500, a level the digital asset hasn’t been able to maintain in June and February, the volume went up to about $5 billion. Coinbase recorded 4200 BTC in volume, the highest since May 10th, during the halving

Currently, the top ten exchanges with real volume are recording more than $4.4 billion in trading volume, as per Messari.

Amidst this strong volume, the last hour of yesterday saw the largest inflow of USDT into crypto exchanges in over eight months.

It isn’t just retail that is FOMOing into bitcoin’s rally as seen in the rising volume on spot exchanges, but institutional investors are just as active. CME is the one that stole the light and Bakkt is also back in the game.

The Intercontinental Exchange (ICE) backed platform that offers physically delivered bitcoin futures saw a whopping 85% increase to its record volume. Bakkt tweeted,

“Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today (each contract = 1 bitcoin) – an increase of 85% from our last record-setting day.”

Bakkt #bitcoin futures record volumes yesterday pic.twitter.com/683i1XkEiL

— skew (@skewdotcom) July 28, 2020

While Bakkt traded $132 million in bitcoin futures, CME Group broke $1 billion to record $1.3 billion in volume, as per Skew data.

CME #bitcoin futures had most active session of the year yesterday, $1.3bln notional traded

Open interest also climbed to record high and getting closer to the top of the table pic.twitter.com/LcGB1aJNCQ

— skew (@skewdotcom) July 28, 2020

It was actually the second-highest volume day in bitcoin futures short history.

Huobi bitcoin futures emerged at the top with $10.4 billion, followed by Binance and OKEx’s $8.8 billion, $5.2 billion by BitMEX, and $3.5 billion by Bybit.

Bitcoin options also saw volume doubling on CME at $12 million while still, no one is trading the options on Bakkt. But Deribit continues to dominate with $527 million, followed by $230 million on OKEx and $3 million on LedgerX.

Open interest on bitcoin options is also pacing up with $1.5 billion on Deribit, up from $727 million a month back. While Bakkt maintains its $0 in OI as well, CME has grown to $218, up from $145 million.

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