Trading volume in the bitcoin-tether trading brace on the OKEx crypto exchange reached further than BTC in a span of two hours – at least$ 620 million worth grounded on the current price. 

 Bitcoin request sentiment appears relatively bullish as substantiated from the quick immersion of a huge sell order on crypto exchange OKEx during Asian day trading hours on Tuesday. 

 

 Volume spiked on trades between bitcoin (BTC) and the stablecoin tether (USDT) on the cryptocurrency exchange OKEx between the hours of 2a.m. and 4a.m. UTC, according to data from TradingView. 


 From 2a.m. to 3a.m., the trading volume totaled BTC on the exchange, and it reached BTC from 3a.m. to 4a.m., the data showed. The aggregate of further than BTC works out to at least$ 620 million grounded on the cryptocurrency’s rearmost price. 

 

 The crypto assiduity blogger Colin Wu twittered Tuesday that “ there is a view that it seems that there was a pending sell order of about BTC in the BTC/ USDT trading brace on OKEx, but it was latterly eaten by the steal order.” 


 When asked to note on the trades, an exchange prophet transferred the following, attributed to Lennix Lai, director of OKEx “ We see this as a healthy development within the request and don't presently notice any abnormalities.” 

 

 Jason Deane, critic at Quantum Economics, said the quick digestion of the elevated trading volume might demonstrate the asset’s high global liquidity. 


 “ The fact that such a significant order was supposedly absorbed by prevailing dealer buying exertion is an suggestion of the beginning strength and bullish bias of the bitcoin request presently,” Deane added. 

 

 At press time, bitcoin was trading at$, over 11 over the last week, according to CoinDesk 20 data. 


 The observed request action came as all eyes were on bitcoin Tuesday ahead of the planned launch of the ProShares Bitcoin Strategy ETF, the assiduity’s first- ever bitcoin futures- concentrated exchange- traded fund to be approved by theU.S. Securities and Exchange Commission (SEC).