The subsidiary of the Intercontinental Exchange Bakkt reports a record number of trades on monthly futures contracts on Bitcoin, as BTC prices have reached a new high for the year.
The institutional investment platform announced its highest monthly bitcoin futures on July 28 with 11,506 contracts, up 85% from a previous record. This step took place after the price of the underlying asset rose to a maximum by 2020 of $ 11,400.
On July 29, Bakkt broke a new record with 11,706 contracts.
“Talk about momentum! We broke yesterday’s record, which was traded today at 11,706 Bakkt Bitcoin Futures – more than $ 125 million in bitcoin.”
Bakkt’s physically settled contracts are paid in BTC, as opposed to cash contracts, which are delivered in US dollars. The momentum was driven by bitcoin prices, which finally broke free from two and a half months limited by the trading range.
CME futures on fire
According to Skew analysts, Bakkt was not the only institutional exchange to break records this week. The Chicago Mercantile Exchange (CME), which is much larger than Bakkt, also saw an increase in Bitcoin futures on Monday.
The daily amount exceeded $ 1.3 billion, while the open interest rate, a measure of the total number of outstanding derivative contracts that were not settled, also rose to $ 724 million. According to CME, 25,493 futures traded on Monday, and the preliminary estimate on Tuesday at the time of writing was more than 20,900.
Yesterday, there was also a selection of contracts for bitcoin options on CME with more than 1,100 trades, the most in the last thirty days.
The two institutional exchanges are small potatoes compared to the volume of BTC futures contracts on cryptocurrency exchanges. Skew broke the top cryptocurrencies in terms of 24-hour exchange for bitcoin futures, and Huobi came out on top with $ 6.51 billion.
OKEx is the second most popular futures exchange on BTC with a daily volume of $ 5.88 billion, and Binance is about the third with $ 5.66 billion according to the data. Skew also reports that the aggregate open interest rate on all exchanges also rose to its highest level for the month at $ 5 billion.
According to the schedule, Monday saw the largest total daily volume of bitcoin futures for more than a month, and Tuesday is not far behind, as interest in institutions and retail trade in BTC derivatives is rising again.