Intercontinental Exchange’s Bakkt, recorded the highest daily traded volume for its physically settled Bitcoin (BTC) futures with 244 contracts ordered as of October 9th. According to data collected by Bakkt Volume Bot, a Twitter account dedicated to physically settled BTC futures contracts offered by Bakkt, the exchange-traded a total of 212 BTC on Oct. 9 representing a daily growth in the volume of 750% from the previous day.
As of Thursday, Oct. 10 1.29 PM GMT, a total of 61 BTC futures have traded with the last trading price at $8,472 USD.
The company released a tweet on Oct.10 confirming trades for BTC futures reached an all-time high on the platform. The tweet reads,
“As we continue to build the Bakkt Bitcoin Futures contract, we reached a new trading record of 212 contracts traded yesterday.”
Over 600% Increase from Opening Day
Following an anticlimactic upstart to the trading of physically settled BTC futures that saw only 28 BTC traded over the platform, a number of critics bashed the asset. However, there seems to be a renewed interest in the futures as Bakkt recorded its highest ever daily volume of futures trades.
Compared to the first day of Bakkt futures trading, the exchange has witnessed a 652% increase in daily volumes traded.
Bakkt Futures Volume Affecting BTC Price?
The spike in Bakkt volumes coincides with the recent mini-spike in BTC’s price from $8,000 to $8,600 USD in the past 24 hours. According to Coinmarketcap, the pioneer cryptocurrency is currently trading at $8,502 USD as at time of writing.
However, at the start of October – following BTC’s price collapse from $10,000 USD to sub- $8500 levels – Binance reported that Bakkt launched futures may be the cause of the fall in BTC’s value. The research report by the exchange explains the fall in BTC’s price as a product of Bakkt “failed” futures launch. The report stated,
“Short-term wise though, Bakkt’s disappointing start seems to have been a contributing factor to the recent price decline.”