Bakkt, the physically-settled Bitcoin Futures trading platform for institutional investors took to Twitter to announce that its trading volume has hit a new all-time high of 11,509 contracts after over a month of zero activity on the platform. The surge is attributed to the rise in the price of bitcoin (BTC).
Bakkt Sees Green Again
After more than one month of inactivity on Intercontinental Exchange (ICE) subsidiary Bakkt, the latest surge in the price of bitcoin has brought in a breath of fresh air to the platform as the firm has announced a new ATH in its monthly Bitcoin futures contracts trading volume.
Bakkt’s tweet also got some funny replies, with a Twitter user with the handle @ThatguyXrp tweeting:
Bakkt went on to show its new ATH isn’t just a flash in the pan, as it traded another 11,706 contracts on July 29.
As reported by BTCManager, Bakkt inked a partnership deal with Galaxy Digital earlier in June 2020, to roll out a new service that will enable institutional investors to securely buy, sell, and store bitcoin (BTC).
Earlier in May 2020, Bakkt closed a hugely successful Series B funding round which raised $300 million from notable firms like Pantera Capital and others.
Bitcoin (BTC) Mooning Again
Notably, the fresh momentum on Bakkt and other platforms including CME is due to the surge in the price of bitcoin which has finally broken out of its range-bound trading channel and is now sitting above $11k.
Elsewhere, daily trading volume on the Chicago Mercantile Exchange (CME) surpassed $1.3 billion, while open interest (unsettled outstanding derivatives contracts) surged to $724 million.
What’s more, some leading exchanges also recorded a significant increase in their bitcoin futures contracts, with Huobi leading the pack with a daily volume of $6.51 billion, followed by OKEx at $5.88 billion and Binance comes third with $5.66 billion, according to Skew analytics.
With the price of bitcoin still maintaining its newfound bullish momentum, experts have pointed out a number of factors driving the bitcoin price to the moon. It remains to be seen how long this will last.
At press time, bitcoin trades at $11,003 with a market cap of over $202 billion as seen on CoinGecko.