• Bakkt registered a record trading volume on Wednesday.
  • The growth of trading volume coincided with the sharp sell-off on the market.

Bitcoin futures trading volume spiked to 640 contracts on Wednesday. October 23. The total value of bitcoins traded on the platform reached $4.8 million, which is 653% from the aggregated trading volume of the previous nine days. 

Notably, the record activity on Bakkt coincided with Bitcoin collapse below SMA100 (Simple Moving Average) weekly to the lowest level of the recent five-month period at $7,300.

The trading activity on Chicago Merchantile Exchange (CME) grew by 65% on a day-to-day basis to 8,187 contracts to the time of  $307 million. 

Bakkt launched deliverable bitcoin futures in September, but the trading volumes on the platform remained depressing low. The slow start  was even blamed for Bitcoin collapse in the end of September, as analysts interpreted it as a signal of low institutional interest in digital money.

At the time of writing, today's trading volume on Bakkt reached 92 contracts with the last traded price $7,450. It remains to be seen whether the spike to 640 contracts was a one-time event, or Bakkt is about to become a bit more livelier place.

Meanwhile, BTC/USD is changing hands at $7,432, having recovered from the intraday low go $7,374. The coin is still range-bound with bearish bias with the initial resistance created by $7,450 (former support).


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin price continues to plummet as whale activities deepen

Bitcoin price continues to plummet as whale activities deepen

Bitcoin's price fell below $65,000 on Wednesday following Increased whale activities that may be sell orders. Meanwhile, hedge funds have experienced a drag in their Bitcoin exposure, which may be fueled by consistent outflows among Bitcoin ETFs.

More Bitcoin News

As meme coins go extinct, this Ethereum sector is likely to grow massively Premium

As meme coins go extinct, this Ethereum sector is likely to grow massively

Meme coins like DOGE, SHIB, WIF etc., are down double digits in the past five days. Ethereum-based altcoins like ENS, LDO and PENDLE have risen amid bearish market conditions. 

More Ethereum News

Ethereum ETFs may not cause upward surge in ETH price as many expect

Ethereum ETFs may not cause upward surge in ETH price as many expect

Ethereum's price increased over 4% in the past 24 hours after the US SEC dropped its Ethereum 2.0 investigations amid expectations of spot ETH ETFs. However, the recent excitement surrounding ETH ETFs may not lead to the expected price increase.

More Ethereum News

CertiK says it's behind Kraken's $3 million bug exploitation

CertiK says it's behind Kraken's $3 million bug exploitation

Kraken's Chief Security Officer disclosed on Wednesday that the exchange lost at least $3 million in treasury funds due to a now-solved bug. CertiK claimed that its employees were behind the bug discovery, but Kraken is being "unreasonable" about the resolution.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP