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.
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.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.