Bakkt Sets New Volume Record After Bitcoin Price Tanks 6%

Bitcoin (BTC) hasn’t been doing too hot over the past 24 hours. As of the time of writing this piece, the cryptocurrency is down some 5% on the day — falling from yesterday’s peak of $9,250 to $8,700 — having lost the key $9,000 support level after holding strong above it for nearly two weeks’ time.

Despite this decisively bearish price action, which some analysts say is preceding a stronger drop to the low-$8,000s, Bakkt’s Bitcoin futures market has seen a flurry of activity.

Bakkt Volume Bot, a Twitter account dedicated to publishing data about the exchange’s derivatives market, reported an hour ago (6:00 EST) that Bakkt has seen 1,741 BTC worth of contracts traded on Friday. This is equivalent to around $15.5 million, and importantly marks Bakkt’s largest trading day thus far.

∙ Today’s volume so far: 1741 BTC ($15,486,195)
∙ Last traded price: $8,895
∙ Trading day progress: 67%
∙ Current daily Bakktarget™: 1976 BTC ($17,580,138)

— Bakkt Volume Bot…