Bakkat, a subsidiary of the Intercontinental Exchange, is reporting a record number of trades for its monthly bitcoin futures contracts as BTC prices set a new high for the year.
The institutional investment platform recorded its highest figure for bitcoin monthly futures on July 28, with 11,506 contracts – an 85% increase compared to the previous record. The move raised the price of the underlying asset to a high of $ 11,400 in 2020.
On July 29, Bakkat New record tops It traded with 11,706 contracts.
“Talk about speed! We beat yesterday’s record in today’s trade with 11,706 bucks bitcoin futures – that’s over $ 125MM of bitcoin. “
Bakkat’s physically settled contracts are paid at BTC as opposed to cash-contracted contracts that are delivered in USD. The momentum has been driven by bitcoin prices that have finally fallen out of their two and a half month range-bound trading channel.
CME futures on fire
According to data from Skew Analytics, Bakkat was not the only institutional exchange to break records this week. The Chicago Mercantile Exchange (CME), which has far higher volumes than Bakkat, also reported an increase in bitcoin futures contracts on Monday.
The daily volume during open interest is above $ 1.3 billion, a measure of the total number of outstanding derivative contracts that have not been settled has also risen to $ 724 million. According to CME data, 25,493 futures contracts were traded on Monday, and Tuesday’s initial count was already over 20,900 at the time of writing.
Yesterday also saw an upsurge of bitcoin option contracts on CME with over 1,100 trades, the highest number for the past thirty days.
Crypto exchanges dominate
The two institutional exchanges are small fry compared to the versions of BTC futures contracts on cryptocurrency exchanges. Skew has cracked the top crypto exchanges in terms of 24-hour volume for bitcoin futures and Huobi comes out on top with $ 6.51 billion.
OKEx is the second most popular exchange for BTC futures with daily volume of $ 5.88 billion, and a third third with $ 5.66 billion according to Binance data. Skew also states that total open interest on all exchanges reached a high of $ 5 billion in 5 months.
According to the chart, Monday saw the highest total daily volume for bitcoin futures for more than a month, and Tuesday would not lag behind as both institutional and retail interest in BTC derivatives rose again.