Volume Explosion on Crypto Street, Bakkt Breaks Another Record (1094 BTC), Binance Futures Exceeds $1B
After about a month of being boring, Bitcoin went into a full-on party mood this week.
First, on Wednesday, the bears had a chokehold on the world’s leading cryptocurrency. At one point, albeit very brief, bears dragged BTC below $7,300.
Today, bulls went berserk and bludgeoned the bears, going from just under $7,400 to $8,780 level.
The flagship cryptocurrency is currently waiting for around $8,600, contemplating a move.
And the market is having a great time.
Institutions Going Crazy with Bitcoin
The day BTC price flash crashed, Bakkt made an all-time high. According to the Bakkt Volume Bot, the platform traded 640 BTC contracts (roughly $4.8 million), an increase of 653% from a mere 85 BTC contracts a day before.
Now, Bakkt has smashed through this record and made a new ATH. The physically settled Bakkt Bitcoin monthly futures are seeing a volume of 1094 BTC. At the last traded price of $8,665, this amount to nearly $9.5 million. And the day isn’t over yet.
After recording disappointing volumes up until this week, it looks like Bakkt has finally taken off as institutional investors take interest in Bitcoin following the drastic movements in its price.
The exchange is a qualified custodian that stores the Bitcoin underpinning its futures contract and physically settling them as well. Recently, Bakkt has announced the launch of another product option for Bitcoin futures contracts in December.
Volume on the Rise
But it’s not only Bakkt that is seeing a surge in trading activity. A similar heightened activity can be seen on spot exchanges.
In the last two weeks, there has been a significant drop in bitcoin changing hands as volume remained below $300 million. But today it exploded as the daily trading volume reaches almost $909.5 million, and increasing, on ten exchanges with real volume, as per Messari.
The leading cryptocurrency exchange Binance’s futures platform is also following the trend. Binance Futures has crossed $1 billion in volume.
Binance Futures crossed 1B in volume. 🔥 pic.twitter.com/O6CDZLc23z
— Gautam Chhugani (@gautamchhugani) October 25, 2019
In the past 24 hours, Binance Futures saw $1.28 billion changing hands, according to Coingecko. Binance.US meanwhile, is recording about $17.4 million in volume.