Bitcoin Trading Bucks Trend at Bakkt as Futures Hit $42.5M Record High
Bitcoin (BTC) institutional trading platform Bakkt has set another giant new record for its futures contracts, topping 5,600 BTC on the day.
As the company confirmed on Twitter, Nov. 27 saw a fresh all-time volume high for Bakkt’s monthly Bitcoin futures. During the session, Bakkt reported 4,443 BTC traded — over 60% higher than its previous record.
Bakkt doubles Bitcoin futures record
Subsequently, non-affiliated monitoring resource Bakkt Bot counted an even higher total for the day — 5,671 BTC ($42.5 million).
According to Bakkt Bot, the previous record in dollar terms was $20.3 million Nov. 22, making Wednesday’s achievement 109% higher.
In total, Bakkt’s monthly futures have now traded for two months, having previously attracted attention for unexpectedly low volumes.
More recently, a Bitcoin custody solution has begun operations, while new financial products are set to follow next month.
“We look forward to building on this momentum as we approach the launch of the Bakkt Bitcoin Options contracts on Dec 9th,” staff added while announcing the progress.
What bear market?
Interest in Bakkt currently contrasts with the overall market sentiment in Bitcoin, which has fallen considerably against the dollar in recent weeks.
As Cointelegraph reported, one analyst considers investors were spooked by a fresh assault on exchanges from China, exiting their positions to buy back in at lower prices.
A subsequent liquidity squeeze could be compounding the selling pressure, VanEck executive Gabor Gurbacs added.
Meanwhile, a recent report from exchange Binance, which also offers futures, revealed over 90% of institutional investors choose to store their coins with trusted third parties.