With Bakkt recording a whooping 15,955 Bitcoin (BTC) futures amounting to about $200 million by volume, the performance is still below other market heavyweights.
Intercontinental Exchange (ICE)-owned cryptocurrency asset custody and trading platform Bakkt has recorded a new all-time high for its futures contract. As confirmed via a tweet from the exchange, 15,955 Bakkt Bitcoin Futures were traded on September 15, representing over $200M of volume and a 36% increase from the exchange’s previous all-time high.
Another record day in the books for our physically delivered futures:
15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high 📈
— Bakkt (@Bakkt) September 15, 2020
This record has been confirmed by crypto market data aggregator Skew to be double the average daily volumes posted in September thus far. The influence of Bakkt exchange to pull institutional investors drawing from its origins has failed to meet expectations but the new tally seems to have ushered in a new surge of interests among investors.
A point of difference for Bakkt’s contracts is they are supposed ‘physically settled’ in Bitcoin rather than cash. However, analysts have highlighted that most contracts traded on Bakkt are rolled over- with only a minority of traders opting to receive Bitcoin when the contracts expire.
Tracking Bakkt Futures Performance
Bitcoin (BTC) futures trading on the Bakkt platform has come a long way, breaking new records and surpassing its earlier records along the way.
Back in September 2019, the Bitcoin (BTC) trading on the Bakkt exchange broke the $290,000 barrier. The Bakkt Bitcoin Futures Contracts which comes with both daily and monthly settlement periods along with its safe custodial solution called the Bakkt Warehouse saw this plunge based on its nature of physical delivery as experts noted.
Shortly afterwards, the Bitcoin futures contract hit another milestone with the contract trading volume hitting $45.56 million in December 2019. As Coinspeaker reported, the milestone was reached despite bitcoin (BTC) price fluctuations, fueled by undeterred institutional investor’s interests.
While the milestone experienced when the Bakkt exchange debuted was floored when the Chicago Mercantile Exchange (CME) debuted trading over $2 million, the exchange has kept a reasonable feat with competitors in the bitcoin options space.
Bakkt 15,955 Trading Volume, How Others Fared
With Bakkt recording a whooping 15,955 Bitcoin (BTC) futures amounting to about $200 million by volume, the performance has been below other market heavyweights.
In the past 24 hours, Binance’s BTC-USDT perpetual contract – a futures contracts with no expiry or settlement date – drove $2.65 billion in trade, while the exchange’s 74 futures pairings pushed $5.96 billion collectively. Huobi’s collective 103 pairings hit $5.48 billion in the past 24 hours.
OKEx’s BTC-USD perpetual contracts saw $516 million worth of trading today, with the exchange’s 466 futures pairings driving $2.72 billion in total. While the Bakkt performance was below these listed exchanges, it surpassed Derebit’s BTC-USD contract which generated $168 million in the past 24 hours.