Bakkt just reported the largest single-day volumes for its physically-settled monthly bitcoin future contract. On Monday, the Bitcoin futures market, saw a new all-time daily high of 11,509BTC, an amount worth nearly $114M based on the closing bitcoin price as reported by CoinMarketCap.
As shown in the volume chart below, Monday’s figure represents a significant spike in activity compared to recent weeks. The last such spike took place in May. Today’s record-setting day was an 84% increase from its last all-time high in December 2019.
Not counting today’s volume, the average daily volume for Bakkt’s futures market is 1,726 BTC, roughly $14.7M, year-to-date. As data from Skew indicates, Bakkt occupies only a sliver of the wider bitcoin future market. On Friday, for example, Bakkt saw more futures trading than Kraken but was dwarfed by market leaders Huobi, Binance, and others.
Bakkt raised $300 million in a Series B funding round in March, as The Block previously reported.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
via The Block https://ift.tt/3f2C89r