Bakkt Futures Volume Hits $122 million, as Bitcoin Reached New 11-Month High

Volumes on bitcoin futures provided by Bakkt set a file excessive on July 27, with 11,500 contracts traded on the institutional trade.

Altogether, the contracts are price about $126 million, on the time of writing. Every contract is equal to 1 bitcoin (BTC).

Whole open curiosity – an indicator of the full variety of excellent contracts held by traders – reached $eight million from a low of round $four million a number of days earlier, displaying that extra money is flowing into .

In a tweet, Bakkt stated: “Our bitcoin futures reached a brand new file excessive of 11,509 contracts traded at the moment (July 27) – a rise of 85% from our final record-setting day.”

Bakkt Futures Volume Hits $122 million, as Bitcoin Reached New 11-month High

The platform’s earlier all-time-high got here on December 19, 2019, when greater than 6,300 contracts, or $45 million, exchanged arms. On the time, the value of bitcoin surged 15% in 24 hours to simply beneath $7,200.

Now, Bakkt’s latest file numbers have additionally coincided with the value of BTC smashing $11,300 on July 28, it’s highest degree in eleven months. Bitcoin has soared greater than 20% up to now 48 hours.

New York Inventory Change-owned Bakkt suffered from poor volumes through the three months to June 30. For instance, no choices have been traded in any respect on the trade since June 15. By comparability, Deribit clocked nearly $1 billion of trades, on common, for the complete month.

Futures fared poorly as nicely. Bakkt’s each day buying and selling volumes on bitcoin futures averaged simply $40 million all through the month.

In the meantime, buying and selling volumes spiked sharply throughout the board following bitcoin’s ongoing rally. In accordance with Skew, an information analytics firm, Chicago Mercantile Change Group (CME), noticed about $1.three billion price of BTC futures contracts traded on July 27.

In spot buying and selling, Binance paced different exchanges, with each day buying and selling quantity hitting $1.four billion adopted by Coinbase and Bitstamp, which facilitated $429 million and $317 million price of trades on Monday, respectively.

What do you consider the Bakkt file bitcoin futures volumes? Tell us within the feedback part beneath.

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