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

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

Volumes on bitcoin futures provided by Bakkt set a document 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. Each contract is equal to 1 bitcoin (BTC).

Total open curiosity – an indicator of the overall 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 {the marketplace}.

In a tweet, Bakkt stated: “Our bitcoin futures reached a brand new document excessive of 11,509 contracts traded at present (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 fingers. At the time, the value of bitcoin surged 15% in 24 hours to simply beneath $7,200.

Now, Bakkt’s current document numbers have additionally coincided with the value of BTC smashing $11,300 on July 28, it’s highest stage in eleven months. Bitcoin has soared greater than 20% previously 48 hours.

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New York Stock Exchange-owned Bakkt suffered from poor volumes throughout 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 virtually $1 billion of trades, on common, for the whole month.

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

Meanwhile, buying and selling volumes spiked sharply throughout the board following bitcoin’s ongoing rally. According to Skew, a knowledge analytics firm, Chicago Mercantile Exchange 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 day by 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 document bitcoin futures volumes? Let us know within the feedback part under.

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