Bakkt simply reported the most important single-day volumes for its physically-settled month-to-month bitcoin future contract. On Monday, the Bitcoin futures market, noticed a brand new all-time each day excessive of 11,509BTC, an quantity worth practically $114M primarily based on the closing bitcoin price as reported by CoinMarketCap.
As proven within the quantity chart under, Monday’s determine represents a big spike in exercise in comparison with latest weeks. The final such spike passed off in May. At present’s record-setting day was an 84% enhance from its final all-time excessive in December 2019.
Not counting immediately’s quantity, the common each day quantity for Bakkt’s futures market is 1,726 BTC, roughly $14.7M, year-to-date. As information from Skew signifies, Bakkt occupies solely a sliver of the broader bitcoin future market. On Friday, for instance, Bakkt noticed extra futures buying and selling than Kraken however was dwarfed by market leaders Huobi, Binance, and others.
Bakkt raised $300 million in a Sequence B funding spherical in March, as The Block beforehand reported.
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