Bakkt’s daily bitcoin-futures volume exceeds previous high by 200%

Against the backdrop of last week’s Bitcoin rally, the daily trading volume of cash-settled Bitcoin futures on the institutional platform Bakkt rose to a new high of $132 million. This is nearly 200% above the previous record of $42 million, according to Arcane Research.

💰Institutional investors are back in the #BTC market💰

The trading activity on @Bakkt has exploded after bitcoin crossed $10,000 again. Both open interest and volume saw new all-time highs last week.

Data: @skewdotcom

Read more: https://t.co/agjXrVXdrt pic.twitter.com/CkZ36scW0v

— Arcane Research (@ArcaneResearch) August 5, 2020

The $120 million daily trading-volume threshold for the week was surpassed twice, on Monday and Tuesday, as the first cryptocurrency consecutively breached the $10,000 and $11 000 levels.

For the week, open interest in BTC futures on the platform rose to $24 million, roughly 550% above the July 16 low.

Arcane Research noted that the data point to growing institutional interest in Bitcoin. This is also reflected in the open interest in BTC futures on the Chicago Mercantile Exchange (CME), which reached $850 million.

Earlier, Bakkt and Mike Novogratz’s cryptocurrency bank Galaxy Digita announced the launch of a new trading and custody solution for institutions.

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