Bakkt Trade Around 500 BTC Today After Bitcoin $1,000 Dump

The Bitcoin Futures exchange Bakkt hits a new all-time daily trading volume high, with 480 BTC futures contracts traded at the time of publishing.

According to the data provided from Intercontinental Exchange (ICE), operator of Bakkt exchange today the platform traded 480 BTC with last settlement at $7467.5 per bitcoin for November futures contracts. Bakkt has also sold 11 BTC contracts for December at $7407 per bitcoin.

Bakkt Trade Around 500 BTC Today After Bitcoin $1,000 Dump 1
Source: ICE

A tweeter account named Bakkt Volume Bot predicated the daily contract trading volume will be 1089 BTC by the end of the day. Bakkt managed to get achieve the target by just 45% (480 BTC futures contracts).

The operator of Bakkt, ICE executed the first block Bakkt futures contract trade earlier in October. ICE reveals that the trade was executed between digital assets bank Galaxy Digital and crypto firm XBTO, and cleared by agricultural commodities merchant ED&F Man. XBTO commented on the deal:

“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. This week, we executed the first block trade. We’re pleased to report that the launch was successful and can accommodate large trades.”

The sudden increase in Bakkt volume indicates that institutions are waiting to buy at lower prices. Bitcoin has dumped more than $900 today and almost all major cryptocurrencies go downward.

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