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Crypto Exchange Bakkt Revs Up, Bitcoin Futures Trading Soars More Than 700%

October 10, 2019

Bakkt, the newly launched cryptocurrency trading platform from Intercontinental Exchange, has hit a new trading volume record for its physically-settled Bitcoin futures contracts.

Bakkt made the announcement via Twitter.

“As we continue to build the Bakkt Bitcoin Futures contract, we reached a new trading record of 212 contracts traded yesterday.

With yesterday’s close, Bakkt set a new daily record of $1.93 million, bringing its total number of outstanding contracts to 1197 as of October 9, worth $10.2 million.”

The 796% daily volume surge follows Bakkt’s slow start and coincides with Bitcoin’s price jump yesterday from $8,205 to Wednesday’s high of $8,626.

The Bakkt volume bot pegs yesterday’s volume figure slightly higher at 224 traded contracts.

https://twitter.com/BakktBot/status/1182201604990230530

Fundstrat’s head of research Tom Lee is calling the surge a good sign for big money and institutional engagement.

Says Lee,

“Watch Bakkt volumes. It is nearly a pure proxy for institutional demand for bitcoin. 1-day physical settled BTC.”

So far today Bakkt has traded 80 Bitcoin (BTC) futures contracts, last priced at $8,537.50 or $529,325, compared to 71 Bitcoin futures contracts traded on launch date in the first 24 hours.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.