Bakkt traded over $200 million worth of Bitcoin in 24 hours

Bakkt announced today that it has traded over $200 million worth of Bitcoin within 24 hours, which eclipsed its previous record by 36 percent.

Data from Skew, a crypto market analytics provider, indicated that open interests for Bitcoin futures trading on the platform rose from $11 million to $16 million last week.

That is an important landmark for the platform which offers investment interests for Bitcoin institutional investors. The milestone is also coming on the back of a $150 million futures trading volumes on the platform almost a month ago.

Bullish Derivatives market excites investors

The Bitcoin derivatives market has seen a bullish trend over the past few months Futures traders on BitMEX who took the long position topped the XBT/USD with $20 million. But in September 4, the open interest for BTC futures dipped below $4 billion. But it has since returned back to that level and added more momentum as well.

Bakkt outperformed Derebit in the market

Despite the improved trading activities on Bakkt, the largest crypto exchanges still had higher trading activity. The past 24 hours have seen Binance’s BTC/USDT agreements continuing without any settlements or expiration date, which means traders are willing to hold on till the end of the agreement.

Binance exchange’s 74 futures were able to amass about $5.96 billion in total.

Similarly, the 103 futures pairings of Huobi generated $5.48 billion within 24 hours, with $1.28 billion consisting of the BTC/USD continuous agreement. There was $516 worth of trading in 14 hours for OKEx’s BTC/USD continuous agreements, as the exchange recorded $2.72 billion in total.

But Bakkt outperformed Derebit, with the exchange’s BTC/USD agreement generating only $168 in 24 hours.

Trading volume is twice higher than the daily average volume

Bakkt has been touted as the major catalyst for an institutional-led market, the platform’s Bitcoin derivatives did not leave up to expectations with little activities throughout January this year. But the recent high volume drive is a good indication that investors and organizations are gradually turning towards the platform once again. It could be a sign that the platform’s worst days are over and higher trading volumes may lie ahead.

The main difference for Bakkt’s agreements is the fact that instead of money, it seems that they are “physically settled” in Bitcoin.

But, some experts are highlighting that most of the agreements on the Bakkt trading platform are rolled over, with only a few of the traders contented on waiting until the agreements end before getting their Bitcoin.

The post Bakkt traded over $200 million worth of Bitcoin in 24 hours appeared first on Invezz.

Publication date: 
09/16/2020 - 13:00
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