{"id":269999,"date":"2020-07-29T07:08:01","date_gmt":"2020-07-29T11:08:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=269999"},"modified":"2020-07-29T07:08:01","modified_gmt":"2020-07-29T11:08:01","slug":"bakkt-sees-bitcoin-futures-market-break-records-two-days-straight","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bakkt-sees-bitcoin-futures-market-break-records-two-days-straight","title":{"rendered":"Bakkt Sees Bitcoin Futures Market Break Records Two Days Straight"},"content":{"rendered":"

Bakkt, a subsidiary of the Intercontinental Exchange, has reported a new record number of trades for its monthly Bitcoin futures contracts. This comes as BTC pushes past a new price high for the year.<\/p>\n

Blasting Past Previous Highs By 85%<\/strong><\/h2>\n

On the 28th of July, 2020, the institutional investing platform recorded a total of 11,506 contracts, which is a new all-time high for the platform. What\u2019s important to note is the sheer degree of how much it surpassed the previous record: 85%. The event itself comes just as Bitcoin managed to surge up in price to the highest price of the year: $11,400.<\/p>\n

However, things didn\u2019t stop there. ON the 29th of July, 2020, just a day after its first record break, Ballet reported yet another record-topping number of 11,706 contracts being traded.<\/p>\n

Bakkt Gaining Big<\/strong><\/h2>\n

In a celebratory statement<\/a>, Bakkt praised the momentum of its platform, as well as highlighting the fact that more than $125 million in Bitcoin is currently in circulation at the exchange.<\/p>\n

\"\"<\/a><\/p>\n

Bakkt leverages physically-settled contracts. What this means is when the futures contract expires, the payment is done via BTC, as opposed to cash-settled contracts that deliver USD. This massive amount of momentum is due to the fact that Bitcoin has managed to break out of its two-and-a-half-month trading range.<\/p>\n

Increases Across The Board<\/strong><\/h2>\n

Skew, an analytics platform, highlights that Bakkt isn\u2019t the only institutional exchange that has managed to break a few records within this week. Bakkt\u2019s competitor, the Chicago Mercantile Exchange (CME), naturally holds higher levels of volumes than Bakkt. The CME also managed to record a massive surge in Bitcoin futures contracts<\/a>, having occurred on Monday.<\/p>\n

The daily volumes for the CME managed to top $1.3 billion. All the while, open interest, measuring the total amount of outstanding, unsettled derivative contracts, have managed to skyrocket to $724 million. According to the data<\/a> CME has provided, a total of 25,493 futures contracts were traded on Monday, with the preliminary numbers for Tuesday\u2019s contracts standing at 20,939 at the time of writing.<\/p>\n

The CME also saw an uptick in Bitcoin options contracts yesterday, with more than 1,100 contracts traded. This stands as a thirty-day high for the CME, and a testament to how bullish sentiments are, right now.<\/p>\n

CME and Bakkt are gaining great volumes, sure, but they\u2019re still a far cry from the massive amount of volumes that the crypto exchanges<\/a> have managed to gain in this time. Every major exchange across the board<\/a> managed to gain, with open interest across all exchanges achieving a monthly high of $5 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bakkt, a subsidiary of the Intercontinental Exchange, has reported a new record number of trades for its monthly Bitcoin futures contracts. This comes as BTC […]<\/a><\/div>","protected":false},"author":1717,"featured_media":266631,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7691,8117,7598,7599,7893],"class_list":["post-269999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bakkt","tag-cme","tag-crypto","tag-market","tag-trading"],"acf":[],"yoast_head":"\nBakkt Sees Bitcoin Futures Market Break Records Two Days Straight<\/title>\n<meta name=\"description\" content=\"Skew highlights that Bakkt isn\u2019t the only institutional exchange that has managed to break a few records within this week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/269999\" 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