Bakkt trading volumes hit all time high as Bitcoin collapsed

• 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).