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.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures: 💸 Traded contracts: 224 (+796%) (New ATH 🚀) 📈 Day before: 25 🚀 New all time high: 224 Follow @BakktBot for realtime updates. pic.twitter.com/gd7nu1GndG — Bakkt Volume Bot (@BakktBot) October 10, 2019
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.
<img src="https://i2.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/11/bitcoin-sweet.jpg?fit=1024%2C682&ssl=1" alt="" class="wp-image-4787 lazyload" width="467" height="311" />
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.
CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week. How much volume will Bakkt attract is a key variable for the week ahead. Would you expect Bakkt to flop or to launch successfully? — Alex Krüger (@krugermacro) September 22, 2019
Source: cointelegraph.com