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    Home » Crypto News » Bitcoin Futures Hit New Highs as BTC Price Taps 11-Month Peak

    Bitcoin Futures Hit New Highs as BTC Price Taps 11-Month Peak

    Author: Martin Young

    Last Updated Jul 28, 2020 @ 11:06

    Bitcoin futures are hitting new highs in terms of monthly contracts sold as the asset finally breaks out of its prolonged period of sideways trading and tops $11,400.

    The Intercontinental Exchange (ICE) backed Bakkt has just reported its largest single-day volumes for physically settled monthly Bitcoin futures contracts. On Monday, the figure hit a new record, trouncing the previous one.

    “Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today – an increase of 85% from our last record-setting day,” – Bakkt tweeted.

    Physically-settled contracts are paid out in BTC as opposed to cash-settled ones that get delivered in USD.

    Futures on Fire

    According to data from Skew analytics, Monday’s surge was one of the largest ever seen on the institutional investment platform hitting $122 million, up from a monthly average of $23 million.

    skew_futures_image
    CME Futures Open Interest and Volume. Source: Skew

    Bakkt is a relatively small player in the world of crypto-asset futures with major exchanges such as Huobi, Binance, and OKEx, taking the lion’s share of the volume.

    Skew also reported that CME futures also surged on Monday as Bitcoin prices broke out of their rangebound channel. The Chicago Mercantile Exchange is one of the largest institutional investment platforms in the world. Daily volume topped $1.3 billion while open interest, which is a measure of the total number of outstanding derivative contracts that have not been settled, also soared to $724 million.

    photo_2020-07-28_08-43-03
    Bakkt Bitcoin Futures Open Interest and Volume. Source: Skew

    The analytics provider also reported that Ethereum futures were experiencing an uptick as prices finally awaken. Again, the major crypto exchanges dominate the markets with digital asset derivatives.

    Bitcoin Price Update

    The move has been correlated with Bitcoin’s breaking of longer-term resistance and powering to its highest price to date this year.

    In late trading on Monday, BTC prices topped out at just over $11,400. The move has eclipsed the previous high in February of $10,500 and has returned the king of crypto to its highest level since mid-August 2019. The next hurdle in terms of resistance is to top $12,300 though a correction is likely after such a rapid move.

    Over the past few hours, BTC has pulled back to settle below $11,000, though analysts are starting to turn bullish with their predictions as the longer-term trend line has now been broken.

    For those of you, who prefer log-scale charts:
    the resistance line has been broken anyway.
    The price should hold above it though, otherwise no lambos… #bitcoin $BTC $BTCUSD pic.twitter.com/z7PMrDKHrp

    — CryptoHamster (@CryptoHamsterIO) July 28, 2020

    Further bullish momentum from both Bitcoin and Ethereum, which is about to see the launch of the final ETH 2.0 public testnet, is likely to drive action for institutional futures contracts markets.

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    Read more on: Bakkt Bitcoin (BTC) Price Bitcoin Futures CME Group

    About The Author

    Martin J. Young View more posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

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