Bakkt Bitcoin Volume Trading
Bakkt Set to Crash Bitcoin Trading Volume Record
November 9, 2019
Bakkt Bitcoin Volume Trading
Bakkt Set to Crash Bitcoin Trading Volume Record
November 9, 2019

The future trading of Bitcoin (BTC) on the Intercontinental Exchange Bakkt platform is seeing a considerable rise in average daily volume so far this month (November), compared to September and most of October.

On November 5, volumes hit close to their all-time-high with 1061 traded contracts worth $10 million, a 96% increase over the previous day.

According to tracking data compiled by Bakkt Volume Bot, the Twitter account, which is not affiliated with Bakkt, but rather with Gert-Jan Lasterie, a Dutch Journalist and a Crypto Author, the platform had posted its all-time-high for traded contracts on October 25. 

At the current pace, Bakkt should trade over $200 million in BTC futures contracts in November. 

Likewise, Bakkt Volume Bot’s data reveals that as of late October, Bitcoin futures trading has been significantly and consistently higher than during the first month of the platform’s launch.

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When compared to data on the Bitcoin spot markets, a strong uptick in Bakkt volume appears to correspond to a period of volatility kicking off with Bitcoin falling below $7,500 and rapidly soaring to over $10,400 in late October, before settling closer to the $9,300 range in recent days.

Nevertheless, the more robust volume posted on Bakkt, volumes are still a considerable way off from the almost $970 million in daily traded volume currently on the Binance Futures platform.

As previously reported, Bakkt’s much-anticipated contracts — the first of their kind to be physically settled in Bitcoin, went LIVE on September 22.

Thus, the platform’s underwhelming volumes in its first week were immediately unfavorably compared to the fiat-settled BTC futures on CME, which first launched back in December 2017.



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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.