Antier, the trading volumes of Bakkt's monthly Bitcoin futures they reached a new all-time record: 12,791 contracts negotiated for a value of $ 147.7 million.
📈 Volume: 12791 ($ 147.70 million, + 15%) (New ATH 🚀)
🚀 All time high: 12791 (8/25/2020)
💰 Open interest: $ 9.41 million (-10%)
🎯 Target: ▓▓ºCººººººººº 15.7% raised of 5,497,727 sats for server costs
🙏 Donate: https://t.co/TF6sNUOxhm pic.twitter.com/mVBaDHfXAv
– Bakkt Volume Bot (@BakktBot) August 26, 2020
The previous record had been recorded at the end of July, with 11,509 contracts traded, for a total value of approximately $ 137.8 million.
This represents a substantial increase, with 11% more contracts traded and a 15% increase in their volume in dollars.
In reality, volumes had already been particularly high the day before, topping $ 132 million, while for the rest of August they had never exceeded $ 100 million, with a low peak of $ 40.6 million on August 14.
Considering that yesterday bitcoin price lost up to 5%, this historical peak in volumes in Bakkt contracts is difficult to interpret. Also, an all-time high in August is even more difficult to explain, as it is generally a month with not particularly high volumes.
However, truth be told, looking at the graph of bitcoin trading volumes over the past six months, you can see that the period with the lowest trading was between mid-June and mid-July, when the price had fallen. kept relatively stable in an area between $ 9,000 and $ 10,000.
The record growth of Bakkt trade volumes
Volumes spiked in late July, when the price topped $ 11,000, and have been relatively strong since then, roughly at the levels of the days after the May 11 halving.
However, yesterday there was no spike in crypto exchanges, so Bakkt's high doesn't seem to be related to the volumes traded on the exchanges. Instead, it could have affected the price loss in value, although this also does not appear to be an anomaly in the cryptocurrency markets.
Also, the sustained trading volumes from two days ago for Bakkt futures, when the price had moved a bit, would seem to suggest that there could be other motivations as well.
Finally, it should be remembered that Bakkt futures, unlike CME futures, are settled in BTC, and that $ 147 million traded in one day is actually not much, compared, for example, to daily trading volumes. CME or crypto derivatives platforms such as OKEx, BitMEX, Huobi or Binance.