Bakkt Observes New Record in Bitcoin Futures Volume

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Bakkt observes a new record in volumes on Bitcoin futures thanks to the extraordinary rise in the price of BTC.

The impressive rise in Bitcoin’s valuation caused Bakkt to break a new record on July 27 in volumes on Bitcoin futures, since then the number has been increasing.

Bakkt experiences Bitcoin success

Recall that on Monday Bitcoin broke its stability and great volatility was witnessed in the crypto market. In this sense, it was this that pushed the price above $ 11k but, it does not end there.

The great volatility experienced in the crypto market increased interest in the Bitcoin derivatives market. In fact, as reported yesterday, Skew reported an increase in Open Interest in the Bitcoin futures market.

So, aligned with the above, Bakkt, the institutional investment platform, reported on July 28 that it had reached its highest monthly Bitcoin futures figure with 11,506 contracts, an increase of 85% over the previous record.

However, that did not stop there. Yesterday they published on their Twitter account that the measure increased as the price of the underlying asset increased.

“Let’s talk about momentum! We broke yesterday’s record with 11,706 Bakkt Bitcoin Futures traded today, that’s more than $ 125MM of Bitcoin, ”reads Bakkt’s Tweet.

The previous all-time high the platform experienced occurred on December 19, 2019, when more than 6,300 contracts were exchanged. This moment coincides, in fact, with the increase of 15% in 24 hours or less in the price of Bitcoin.

See Also  Bakkt Bitcoin Futures Volume Increased 1600 Percent

Gratitude

The truth is that Bakkt is probably very grateful and relieved by the recent record, considering that the platform suffered three months until June 30 low transaction volumes.

However, Bitcoin’s recent performance did not exclusively benefit Bakkt. According to Skew Analytics data, Bakkt was not the only record-breaking institutional exchange.

In fact, the Chicago Mercantile Exchange (CME) also experienced a surge in Bitcoin futures contracts this Monday. The interesting thing is that, as we well know, CME handles much higher volumes than Bakkt.

“CME Bitcoin Futures had the busiest session of the year yesterday, with a record $ 1.3 billion. In addition, Open Interest also broke a new record, “Skew said on Twitter.

So the effects of Bitcoin’s rise generally benefited the Bitcoin derivatives market. Will the records be kept? Or, will we be able to overcome them again?


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