Bakkt’s Exchange Reached New Highs

Altogether, the contracts are really well worth about $126 million, on the time of writing. Each agreement is equal to 1 bitcoin (BTC).
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Total open interest – a hallmark of the entire quantity of notable contracts held through investors – reached $8 million from a low of around $4 million some days earlier, displaying that extra cash is flowing into the marketplace.

In a tweet, Bakkt Exchange said: “Our bitcoin futures reached a brand new document excessive of 11,509 contracts traded today (July 27) – an growth of 85% from our ultimate document-placing day.”

Bakkt Exchange Futures Volume Hits $122 million, as Bitcoin Reached New 11-month High

The platform’s preceding all-time-excessive got here on December 19, 2019, while greater than 6,three hundred contracts, or $forty five million, exchanged hands. At the time, the rate of bitcoin surged 15% in 24 hours to simply under $7,200.
Now, Bakkt’s current document numbers have additionally coincided with the rate of BTC smashing $11,300 on July 28, it’s maximum degree in 11 months. Bitcoin has soared greater than 20% in forty eight hours.
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New York Stock Exchange-owned Bakkt Exchange suffered from bad volumes in the course of the 3 months to June 30.

​For example, no alternatives had been traded in any respect at the alternate seeing that June 15. By comparison, Deribit clocked almost $1 billion of trades, on average, for the whole month.

Futures fared poorly as well. Bakkt’s Exchange every day buying and selling volumes on bitcoin futures averaged simply $forty million at some stage in the month.