Crypto Exchange Bakkt Revs Up, Bitcoin Futures Trading Soars More Than 700%
Bakkt, the newly launched cryptocurrency trading platform from Intercontinental Exchange, has hit a new trading volume record for its physically-settled Bitcoin futures contracts.
Bakkt made the announcement via Twitter.
“As we continue to build the Bakkt Bitcoin Futures contract, we reached a new trading record of 212 contracts traded yesterday.
With yesterday’s close, Bakkt set a new daily record of $1.93 million, bringing its total number of outstanding contracts to 1197 as of October 9, worth $10.2 million.”
The 796% daily volume surge follows Bakkt’s slow start and coincides with Bitcoin’s price jump yesterday from $8,205 to Wednesday’s high of $8,626.
The Bakkt volume bot pegs yesterday’s volume figure slightly higher at 224 traded contracts.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 224 (+796%) (New ATH 🚀)
📈 Day before: 25
🚀 New all time high: 224
— Bakkt Volume Bot (@BakktBot) October 10, 2019
Fundstrat’s head of research Tom Lee is calling the surge a good sign for big money and institutional engagement.
“Watch Bakkt volumes. It is nearly a pure proxy for institutional demand for bitcoin. 1-day physical settled BTC.”
So far today Bakkt has traded 80 Bitcoin (BTC) futures contracts, last priced at $8,537.50 or $529,325, compared to 71 Bitcoin futures contracts traded on launch date in the first 24 hours.