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
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.
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