Bakkt Breaks Records in Bitcoin Futures Trading
Bitcoin futures trading reached a fever pitch on the digital asset platform, Bakkt, with an astonishing 452 BTC futures contracts traded. This surge has set the stage for a dynamic trading environment that could reshape perceptions in the cryptocurrency market.
A Snapshot of Market Activity
Analyzing the recent numbers shared by the Intercontinental Exchange (ICE), Bakkt’s operator, reveals that there were 441 futures contracts traded for November 2019, with the last price hovering around $7,400 per Bitcoin. Meanwhile, a modest 11 contracts for December have sold at $7,407. Who knew trading Bitcoin could get this dramatic?
Predictions and Observations
The Bakkt Volume Bot, an account dedicated to tracking live transactions, has forecasted that total BTC futures contracts could soar to 1,089 by the end of the day. Sounds ambitious, right? But if experience has taught us anything in the cryptosphere, it’s to expect the unexpected!
Noteworthy Involvements in the Trade
eToro’s senior analyst Mati Greenspan chimed in, reflecting on the historic trading volume. “Bakkt trading volume hits a record high. 334 BTC and counting,” he tweeted, as if live-tweeting a sports game instead of financial data. His enthusiasm is palpable!
A Milestone in Bitcoin Futures
Earlier this month, ICE executed the first block trade of Bakkt Bitcoin futures, marking an important milestone in this sector. In a deal involving the digital asset merchant bank Galaxy Digital and crypto investment firm XBTO, the trade was cleared by agricultural commodities merchant ED&F Man. XBTO declared their pride in being pioneers, as they reported, “Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took the first physical delivery of a digital asset under existing commodity futures laws and regulations.” What a time to be alive in the crypto market!
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