June 18, 2024

Bakkt Bitcoin Futures Trading Volume Up 700%

Bakkt Bitcoin Futures Trading Volume Up 700%

Newly launched crypto trading platform Bakkt has set a new record for trading volume for deliverablesBitcoin futures contracts (BTC).

“We achieved a new trading record of 212 contracts traded yesterday.After yesterday's closure, Bakkt installed a newthe daily record of $ 1.93 million, with the result that the total number of outstanding contracts as of October 9 reached 1197, which amounted to 10.2 million in dollars. ”

Following a modest start, Bakkt was followed by a daily increase in volume of 796%, it coincided with yesterday's jump in bitcoin prices from $ 8,205 to a maximum of $ 8,626 on Wednesday.

The Bakkt bot, which displays the volume, shows yesterday's volume at the level of 224 traded contracts.

Fundstrat Research Director Tom Lee believes this surge is a good sign of the influx of big money and the involvement of institutional.

“Pay attention to Bakkt volumes. This is an almost pure indicator of institutional demand for bitcoin. ”

Bakkt currently trades 80 futurescontracts for bitcoin (BTC), the price of which amounted to $ 8 537.50 or $ 529 325. For comparison, 24 futures contracts were traded 24 hours after the launch.

Bakkt Bitcoin Futures Trading Volume Up 700%