September 21, 2020

Bakkt futures record trade coincides with Bitcoin collapse

The volume of trading in bitcoin futures on the Bakkt platform on Wednesday, October 23, showed a daily maximum of 640 contracts worth about $ 4.8 million. This is 653% more than the day before and exceeds the total volume for the previous nine days.

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Bakkt traders' record activity coincided with a bitcoin collapse below $ 7,500 when the leading cryptocurrency updated a five-month low.

It is noteworthy that the trading volume of BTC futures on the Chicago Mercantile Exchange (CME Group) on October 23 amounted to 8,187 contracts (about $ 307 million) and increased by 65% ​​compared to the previous day.

Bakkt futures record trade coincides with Bitcoin collapse

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Source: CME Group. CME Bitcoin Futures Daily Trading Volumes

Bakkt launched trading in supplying bitcoin futures in September, but the trading volume on the platform turned out to be insignificant. In the first week it was 75 times lower than on CME.

Recall that the decline in the price of bitcoin at the end of September, Binance Research analysts attributed the weak start of Bakkt, which did not confirm the interest of institutional investors in the market.