The recent Bitcoin rally from $9,300 to over $11,000 arguably spurred an increase in trading volumes across different platforms offering Spot and Bitcoin Futures contracts. Most precisely, Bakkt recorded a significant increase in the contracts traded in the last 24 hours. Other Spot exchanges like Binance also posted high volumes.
Bakkt posts new ATH in Bitcoin futures contract
As the largest cryptocurrency rallied to $11,300 – the highest point it could reach since August 2019 – the volume of Bitcoin Futures contracts traded on Bakkt surged as well. The institutional Bitcoin trading platform recorded a new all-time high (ATH) in the number of Futures contracts traded on Monday alone.
“Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today (each contract = 1 bitcoin) – an increase of 85% from our last record-setting day,” Bakkt tweeted.
As each Bitcoin Futures contract is equal to the actual value of one Bitcoin, the equivalent amount traded on Bakkt would be equal to over $124 million when compared to the current price of Bitcoin at $10,798. However, Bakkt sees a 24h volume of $149,747,322 as of today, following the data provided by Bitcoin Trade Volume.
Launched in September 2019, Bakkt is a subsidiary of Intercontinental Exchange (ICE). The institutional-grade Bitcoin trading platform held a previous ATH at 6,312 contracts recorded in December last year. The recent Bitcoin uptick has probably propelled more contract trading on Bakkt; the most it could see since launching.
Aside from Bakkt’s new ATH in traded Bitcoin Futures contracts, CME Group also recorded massive trade volume. Currently, the CME sees about $1.5 billion in 24 hours volume.
More Trading Volume in Bitcoin Spot Market
Moving to the Spot market, the Binance exchange continues to dominate the market, having over $1.6 billion in 24h volume. Binance is followed by Coinbase, Bitstamp, and Kraken with $616 million, $387 million, and $374 million, respectively.