BitMEX, the world's largest Bitcoin derivatives market, has seen fortunes rally from December to January, in December the massive Bitcoin futures platform saw its cold wallet balance decrease by roughly 1 BTC almost $ 000 million dollars. But over the last month, BitMEX experienced inflows of over 9.3 BTC approx. $ 15 million.
It looks like Bitcoin's spring is coming early this year. Whether global warming has anything to do with it is unknown, but the crypto market is definitely heating up right now. And don't call them " tulips ," but Bitcoin products are blooming all over the internet. Bitcoin prices surged by 40% in January.
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The three main factors that analysts point to in Bitcoin's massive rally are possibly: the Bitcoin halving in May 2020; a rush for safe-haven assets amid coronavirus fears; and increasingly strong fundamentals in the cryptocurrency industry.
Naturally, this leaves a mark on cryptocurrency exchanges like BitMEX. Currently the largest Bitcoin margin trading exchange, the exchange has recorded a daily trading volume of nearly $ 4 billion.
Not only did the size of its cold wallet increase, but BitMEX also saw a 5,84% increase in positive inflows, according to TokenAnalyst . In other words, $20.1 million worth of BTC was deposited into BitMEX wallets, while only $11 million was withdrawn.
Bullish Bitcoin Futures in 2020
Halves historically increase the price of Bitcoin. But add to that the growing number of institutional investors and venture capitalists transferring resources to the crypto industry every year. Spice it up with the risk of global economic slowdowns if the coronavirus gets worse. It is no wonder why traders are investing funds in BitMEX to place leveraged bets on the Bitcoin price surge in 2020.
