Bakkt continues to set a new record with more than 2728 Bitcoin futures
According to data from Intercontinental Exchange (ICE), Bakkt Bitcoin Futures reached a new record with a total of 2728 contracts on Nov. 22
Bakkt Bitcoin futures volume skyrocketed on day of rapid losses for BTC
Specifically, there were more than $ 20.3 million was traded in Bitcoin — or 2728 futures contracts — on Nov. 22. This new record high volume represents a 66% increase from the previous day and is about 30% higher than the previous all-time high on November 8.
Coincidentally, Bakkt has repeatedly set this record when Bitcoin prices have crashed. As AZCoin News reported, Bitcoin eventually dropped to the $7.4K zone in minutes, just as we had expected if BTC could not hold the $7.8K level. Previous upticks in volumes have also aligned with major Bitcoin moves, as seen around Oct. 25 and Nov. 8.
Bakkt’s volume gradually increases each month
When launched on September 22, within the first 24 hours, ICE’s Bakkt platform only traded a total of 71 Bitcoin futures contracts. Facing that situation, the number of 71 contracts is due to the attitude of Bakkt accepting the community is not too strong. Therefore, institutional investors have not started to trade gold. Bakkt ended the first week with just US $5 million in trading volume, equivalent to 623 contracts.
However, starting in October, Bitcoin futures volumes reached new all-time highs with 452 contracts being traded. Notably, on October 26, Bakkt traded 1183 contracts after recording an incredible increase of up to 256% in 24 hours. This also coincides with the time Bitcoin price rose to more than $10,000.
After that, the monthly Bitcoin futures contracts on Bakkt were sufficient liquidity. As announced by Bakkt, these contracts will be used as the basis for pricing for a new cash-settled futures market on ICE Singapore. The new product was announced on Friday and is expected to launch on December 9.
However, some skeptics have seen the return of ICE when applying BTC by providing cash futures contracts.
Yeah, great job @bakkt for the ol bate and switch! See paper $btc futures cash settled is coming soon! Hope you guys burn in hell for all the immoral shenanigans you guys are trying to pull off! Hopefully the WORLD gets with it and makes #btc the 1 world currency #cryptocurrency
— Kreg Everett Fisher (@KregEverett) November 22, 2019
The latest selloff also boosted the volume of dollars, while the Tether (USDT) dropped to 73%. The share of USD pairs is once again over 10%. The spot market for BTC sets prices through countless new exchanges, none of which is likely to affect the price. In the coming months, Bakkt must prove its worth as a tool in the downtrend market.