The Intercontinental Exchange subsidiary, Bakkt, reports on a Historical number of trades for your monthly Bitcoin futures contractswhen BTC prices hit a new record this year.
The institutional investment platform reported 11,506 contracts on July 28, the highest number in its history for monthly Bitcoin futures – an increase of 85% over the previous record. The move followed an increase in the price of primary assets to up to $ 11,400 in 2020.
July 29th Bakkt broke the new record with 11,706 negotiated contracts.
“Talk about the moment! We broke yesterday’s record with 11,706 Bitcoin futures traded today – that’s over $ 125 million in Bitcoin.”
Bakkt’s physical contracts are paid in BTC, as opposed to cash-settled contracts that are delivered in dollars. The momentum is given by Bitcoin prices, which finally broke out of their two and a half month range.
Burn CME futures!
According to Skew analysis data, Bakkt was not the only institutional exchange to break records this week. The Chicago Mercantile Exchange (CME)which has a much higher volume than Bakkt, On Monday there was also an increase in bitcoin futures contracts.
The daily volume exceeded $ 1.3 trillion with open interesta measure of the total number of outstanding derivative contracts that have not yet been settled; it also rose to $ 724 million. According to CME, 25,493 futures contracts were traded on Monday. and the preliminary Tuesday count exceeded 20,900 at the time of this writing.
Yesterday there was also an increase in Bitcoin option contracts at CME traded at over 1,100, the highest number in the past thirty days.
The domain of crypto exchange
The two institutional exchanges are small compared to the volume of BTC futures contracts on cryptocurrency exchanges. Skew has broken down the top crypto exchanges in terms of 24-hour volume for Bitcoin futures and Bitcoin futures Huobi is at the top with $ 6.51 billion.
OKEx is the second most popular exchange for BTC futures with a daily volume of $ 5.88 billion and Binance is the third at $ 5.66 billion according to the data. Skew also reports that total open interest in all crypto exchanges has also reached its highest level in a month at $ 5 billion.
According to the chart, the highest total daily volume of Bitcoin futures in over a month was recorded on Monday, and it will not lag behind on Tuesday as both institutional and retail interest in BTC derivatives is recovering.