Despite recent bearish trends on the crypto markets, Hong Kong-based cryptocurrency exchange BitMEX has traded more than 1 million BTC contracts in a single day for the second time in a month. A total of 1,027,214.62 Bitcoin contracts (worth roughly $6.6 billion) were traded on Wednesday, August 8, following the company setting the world record on July 25.
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
— BitMEX (@BitMEXdotcom) 25 July 2018
On the back of this news, BitMEX also announces the launch of two innovative financial products, ETHUSD perpetual swap product and UPs and DOWNs, to meet market demand:
ETHUSD perpetual swap product is based on the success of BitMEX’s XBTUSD swap product. customers can now trade ETHUSD price at leverage, while avoiding issues with settlement and large amounts of basis inherent to typical futures products. Within one week of launching, this product is now one of the most liquid instruments globally to trade the Ethereum / USD pair.
“UPs and DOWNs” lets BitMEX users take advantage of call and put options. UPs, or Upside Profit Contracts, work similarly to traditional stock call options by giving token holders the right to purchase crypto-coins on BitMEX at a specified price for a predetermined period of time. DOWNs, or Downside Profit Contracts, act like traditional put options, letting token holders sell a crypto-coin on the platform at a specified price.
BitMEX CEO and co-founder Arthur Hayes said:
“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing. In continuously engaging with, and truly listening to, the needs our customers, we’ve recognized an overwhelming demand for innovative financial products that give the crypto market greater versatility. It’s thanks to our discerning community that we have launched our two innovative, new products: the ETHUSD perpetual swap product and UPs and DOWNs. With futures, swaps, and now options available on BitMEX, we are making great strides toward offering a wealth of derivative products designed for the crypto-coin industry.”
The exchange also claims that its XBT/USD markets are the most liquid on the planet.