The Intercontinental Exchange subsidiary, Bakkt, reports record numbers of trades for its monthly bitcoin futures contracts as BTC prices reach a new high for the year.
On July 28, the institutional investment platform recorded the highest value of bitcoin monthly futures with 11,506 contracts, which is an increase of 85% compared to the previous record. The move was followed by a sharp rise in the price of the underlying asset to a maximum by 2020 of $ 11,400.
On July 29, Bakkt closed a new bar with 11,706 stores.
“Talk about dynamics! We broke yesterday’s record with Bakkt’s 11,706 Bitcoin Futures battles being traded today ̵1; more than $ 125 million bitcoin.”
Physically settled Bakkt contracts are paid at BTC, unlike cash-settled contracts, which are delivered in USD. The driving force was the price of bitcoins, which finally broke free from their two-and-a-half-month trade channels.
CME futures on fire
According to Skew analysts, Bakkt was not the only institutional exchange that broke records this week. The Chicago Mercantile Exchange (CME), which has much larger volumes than Bakkt, also saw an increase in bitcoin futures on Monday.
The daily volume reached $ 1.3 billion, while open interest, the rate of the total number of outstanding derivative contracts that were outstanding, also increased to $ 724 million. According to CME, 25,493 futures contracts were traded on Monday and the preliminary number on Tuesday was more than 20,900 at the time of writing.
Yesterday, bitcoin option contracts were also extended to CME trading with more than 1,100 traded trades, the highest number in thirty days.
Compared to the volume of BTC futures on cryptomenic exchanges, both institutional exchanges are small. Skew has split the top cryptocurrencies in terms of 24-hour volume for bitcoin futures, and Huobi comes out on top with $ 6.51 billion.
OKEx is the second most popular BTC futures exchange with a daily volume of $ 5.88 billion and Binance is almost a third with $ 5.66 billion, according to data. Skew also notes that aggregate open interest on all exchanges has also risen to a high of $ 5 billion a month.
According to the chart, it recorded the highest aggregate daily volume of bitcoin futures for the month on Monday, and Tuesday will not be far behind it, as institutional and retail interest in BTC derivatives is rising again.