The Bakkt Bitcoin futures exchange may have started off on a weak note. But it’s come on strong in a big day for the crypto market.
Bakkt, the Bitcoin futures exchange backed by the owners of the New York Stock Exchange, today hit a new all-time high in trading volume.
At the moment, 1,131 futures contracts have been traded, with the last traded price set at $8,622 per contract. Together, those contracts represent approximately $9.7 million of trading capital. The previous all-time high record, set earlier this week on Wednesday, was for 640 contracts.
Based on these figures, the unofficial Bakkt volume bot estimated that 2,095 monthly contracts, each consisting of 1 BTC, would change hands by the day’s end.
This week has witnessed multiple sharp spikes in Bakkt’s trading volumes. For example, Wednesday’s bump in volumes represented a 653 percent increase in volumes. They have also coincided with an increase in the contract’s price.
When it began trading in September, each monthly futures contract was worth $9,965. But a cold reception from investors meant a steady decline in its prices, with a bottoming out this past Wednesday at $7,452. The trading volume spike this morning has also resulted in a corresponding increase in contract prices by approximately 18 percent.
Why did Bakkt volumes spike?
As with most things related to cryptocurrency, there are no clear explanations for the amplification in volumes.