Trading in cryptocurrency exchange Binance’s gold-linked perpetual futures contract averaged more than $12.3 billion a week, versus $3.8 billion in April, CryptoQuant contributor Darkfost reported, a rise of about 224%.
Darkfost also put turnover at $3.5 billion over a 24-hour period and said cumulative trading since launch was nearing $320 billion. The percentage increase uses the rounded weekly averages. All three volume readings describe trading in the contract, not a change in gold’s price.
Binance made XAUUSDT available in eligible markets on Jan. 5. The product lets eligible traders take positions linked to gold at any hour without buying the metal. It has no expiry date, and trades settle in Tether (USDT). Binance warns that traders’ margin can be liquidated.
Darkfost suggested that economic and geopolitical uncertainty, along with weakness in the cryptocurrency market, may be drawing traders toward gold derivatives.
