The Bitcoin futures market had its busiest day on Wednesday since the historic black Thursday market crash in mid-March. According to data from the crypto market analysis company Skew, futures trading rose to just over $ 30 billion on April 29. That's about 40% less than the $ 50 billion volume in Bitcoin's futures market on March 12, when Bitcoin's price plummeted in parallel with a macro market sell-off.

Of course, the price of this development goes in the opposite direction. The increase in futures volume is due to the steep candle that caused the Bitcoin price to rise from $ 7,600 to $ 8,750 on a daily close. Bitcoin hit a high of over $ 9,400 per coin yesterday.

The Bitfinex, Binance, and Huobi crypto exchanges enjoyed the largest volume , totaling $ 23.2 billion. Bitmex, once the undisputed leader in the futures market, was down to $ 5.3 billion due to its dominance after Black Thursday and the accompanying criticism that the platform was no longer online due to "hardware issues" , continues to decrease.

The total open interest in the Bitcoin futures market (ie how many positions are still open) has risen again to over $ 2 billion. The futures contract market hit an all-time high of $ 5 billion in open interest on February 12, only to leave a crater of $ 1.8 billion a month later.

This impressive rally coincided with positive price promotions for oil, major stock indices and other key assets. Meanwhile, another 3.8 million Americans registered as unemployed last week.

According to the latest knowledge in the crypto market, yesterday's rally was triggered solely by spot markets, i.e. private investors. According to Messari , a blockchain analysis company, Bitcoin's total cash volume has reached nearly $ 7 billion in the past two days. Even though the pump of the Bitcoin price has ended in the short term, the data seem to indicate that interest in the decentralized cryptocurrency is extremely high.