Fueled by bitcoin's rise, Bakkt reports record high volumes for its bitcoin futures market
July 27, 2020, 7:04PM EDT
1 min read
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.