In Bitcoin futures offered by Bakkt, a cryptocurrency-oriented subsidiary of Intercontinental Exchange, the transaction volume broke a new record on July 27, reaching 11,509 contracts.
Considering that each contract represents 1 BTC, roughly $ 127 million worth of assets changed hands yesterday.
Bakkt Reaches New Summits
It is worth noting that the most recent all-time high was established on 19 December 2019 with more than 6,312 contracts.
At that time, Bitcoin price recovered by about 15 percent in 24 months, recovering from its multi-month low of $ 6,400.
On July 27, Bitcoin price recorded a green daily candle after the $ 10,500 resistance passed. BTC touched $ 11,400, its highest level since August 2019. During yesterday’s rally, short positions of more than $ 120 million were liquidated on the BitMEX exchange.
Multiple analysts are waiting for Bitcoin to convert the $ 10,000 level to the support zone now and think it will eventually be a convincing break.
Transaction Volumes Increasing
Dominating the regulated Bitcoin futures market, the Chicago-based cryptocurrency exchange CME Group traded over $ 1.2 billion on July 27.
Binance, one of the leading spot exchanges, exceeded $ 1.4 billion in daily trading volume. Coinbase and Bitstamp ranked second and third with trading volume ($ 429 million and $ 316 million, respectively).