That Bakkt platform made a new record, signaling a strong institutional interest in bitcoin and interest in physically acquiring the number one asset as we are reading today in thelatest bitcoin news today.
The Bakkt Bitcoin futures contract broke a new record during a high period of volatility for Bitcoin and the futures market picked up in earnest and broke the previous record from last week and continued on a streak of records over the months. Bakkt is now trading above 2,000 BTC per day about two months after the launch. This time, BTC futures trading increased up to 3,100 contracts with the potential to increase even further after the launch of options on futures.
The spike in volume arrives on a day when Bitcoin spot trading was not unusual and reached the $22 billion in the past day. Almost all futures markets remained live including the BitMEX contracts. Betting on the bitcoin futures prices is now a new trend for the traders and make the whales a bit less influential. The tether coin would also start losing the grip on the Bitcoin price discovery as the futures markets follow a different logic. The BAkkt record volume happened right when Bitcoin is breaking out of a relief rally reaching $7,500 just a few hours after breaking down to the $6,000. Bitcoin increased to $7,552 as of today which could trigger the interest a rally to a higher valuation.
Bakkt is now seen as very capable of setting new peaks every day and the exchange operator can also expand with a product based on the monthly physical-delivery futures and also provide cash-settled products. The BitMEX futures market is waking up again after it fell to about $1 billion in daily trading. The market increased to more than $3.6 billion in 24 hours and it is now trying to short Bitcoin of its losing proposition once again. Bitcoin got rid of yesterday’s panic after the news of the large-scale Ethereum theft from Upbit crypto exchange. The recent activity, however, does not show any intentions of the traders and some contracts could even take physical delivery but sell more and move to the next contracts.
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