Bakkt Futures Volume Hits $122 million, as Bitcoin Reached New 11-Month High
Volumes on bitcoin futures offered by Bakkt set a record high on July 27, with 11,500 contracts traded on the institutional exchange.
Altogether, the contracts are worth about $126 million, at the time of writing. Each contract is equivalent to one bitcoin (BTC).
Total open interest – an indicator of the total number of outstanding contracts held by investors – reached $8 million from a low of around $4 million a few days earlier, showing that more money is flowing into the marketplace.
In a tweet, Bakkt said: “Our bitcoin futures reached a new record high of 11,509 contracts traded today (July 27) – an increase of 85% from our last record-setting day.”
The platform’s previous all-time-high came on December 19, 2019, when more than 6,300 contracts, or $45 million, exchanged hands. At the time, the price of bitcoin surged 15% in 24 hours to just under $7,200.
Now, Bakkt’s recent record numbers have also coincided with the price of BTC smashing $11,300 on July 28, it’s highest level in eleven months. Bitcoin has soared more than 20% in the past 48 hours.
New York Stock Exchange-owned Bakkt suffered from poor volumes during the three months to June 30. For example, no options were traded at all on the exchange since June 15. By comparison, Deribit clocked almost $1 billion of trades, on average, for the entire month.
Futures fared poorly as well. Bakkt’s daily trading volumes on bitcoin futures averaged just $40 million throughout the month.
Meanwhile, trading volumes spiked sharply across the board following bitcoin’s ongoing rally. According to Skew, a data analytics company, Chicago Mercantile Exchange Group (CME), saw about $1.3 billion worth of BTC futures contracts traded on July 27.
In spot trading, Binance paced other exchanges, with daily trading volume hitting $1.4 billion followed by Coinbase and Bitstamp, which facilitated $429 million and $317 million worth of trades on Monday, respectively.
What do you think about the Bakkt record bitcoin futures volumes? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Skew.com,
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