Crypto futures trading platform Bakkt experienced a surge of more than 250% in volume in 24 hours, following the massive bull run for bitcoin at the end of last week.
While Bakkt has been maligned for its slow launch and low bitcoin futures trading volume, the exchange received a massive boost last week when the price of BTC took off.
ICYMI: Friday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 1183 (+257%) (New ATH 🚀)
📈 Day before: 331
🚀 All time high: 1183
*bleep blop* tip sats: https://t.co/TF6sNUwWpO 🤖 pic.twitter.com/xor4Q0fNxc
— Bakkt Volume Bot (@BakktBot) October 26, 2019
On Oct. 25, the exchange posted a record trading volume of $10.3 million, executing orders for 1183 bitcoin contracts. The jump in volume constituted an increase of more than 257% over 24 hours, up from $2.5 million the day before.
Bakkt’s big day of trading represented a milestone for the platform, which is being aimed at institutional and large capital clients.
Today we set a new daily record of 1,179 Bakkt Bitcoin Futures contracts traded
— Bakkt (@Bakkt) October 25, 2019
The Intercontinental Exchange (ICE)-subsidiary’s slow start in September, which saw only 71 contracts traded on its first day, may have contributed to bitcoin’s initial price drop below $10,000.
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