Skip to main content

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

Bakkt Bitcoin Futures Hit Record $122 Million, as BTC 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.”

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

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.

The post Bakkt Futures Volume Hits $122 million, as Bitcoin Reached New 11-Month High appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2X6laRt
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more