Cryptocurrency

Bitcoin Futures: Bakkt new record sets, 3151 Bitcoin for 23 million $ traded

The Bitcoin Futures contracts of Bakkt have reached a new high. They signal a strong institutional interest in BTC, Risk exposure and affinity to the “physical” purchase of Bitcoin.

New record in Bitcoin Futures – only days after the High of last Friday

During a period of high volatility for Bitcoin, the futures market rose strongly and broke the previous record of last week. Bakkt trade today, about two months after the introduction, usually over 2,000 BTC per day.

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This time, the BTC-Futures Trading rose to 3,100 contracts, with the potential to rise after the introduction of options on Futures even further.
The Breakout Bakkt volume takes place in a for-Bitcoin-spot trading is not an unusual day, with 22 billion dollars yesterday. But, almost all futures markets were much livelier, including BitMEX contracts.
Betting on Bitcoin-Futures prices for a new group of traders in the movement and makes BTC whales a little less influential. Tether (USDT) also loses the influence on the BTC price determination, as the futures markets of a other logic.
Bakkts record volume also occurred at a time when the Bitcoin broke the price for a relief rally, and just a few hours after the collapse reached to 6000 $ easily to 7,500 $. BTC rose to 7.552,00 $, causing, possibly, an increased interest and a recovery to a higher rating.
Bakkt is today considered to be able to put every day new peak values. The stock exchange operator, will expand with a product which is based on the monthly physical delivery-based products with cash settlement offer.

Futures give the BTC pricing a new mechanism

Also the Futures market on BitMex awoke again, after he was recently dropped to around US $ 1 billion in daily Trading. The market increased in 24 hours to more than $ 3.6 billion.
At this point, the Attempts to shorten the BTC proved itself, again as a loss-making project. Happened to BTC in the panic of the day after the message from the large-scale Ethereum-theft Upbit quickly.
The recent Bakkt activity is not, however, show the intentions of the Trader. Some contracts may never take physical delivery, but to sell it and on to the next contract.

Bitcoin Futures provide an insight into the General mood and potential resistance points to make because some of the price gaps. To fight this point, BTC is still struggling to reach the level of $ 10,000, and the futures markets could be the key.

The Bitcoin prices rose on Wednesday evening, with the potential to renew the optimism, and to start a quick rally.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.