Bakkt’s Physically-Settled Bitcoin Futures in Focus; Hitting A New Record of 15,955 ($200M)


Whenever bitcoin makes a significant move after a period of slow or no movement, the ICE-backed Bakkt records increased activity.

And this time has been no different.

On Tuesday, the price of bitcoin went as high as $10,940, a level not seen in over ten days, since the digital took a drop from $12,000 right at the beginning of this month.

Bitcoin is still keeping these gains as it trades over $10,920, at the time of writing, while managing $1.7 billion in real trading volume.

Meanwhile, the physically delivered bitcoin futures platform that was launched last September celebrated another record day.

Yesterday, 15,955 physically delivered bitcoin futures were traded on Bakkt, representing a volume of over $200 million, which is an increase of 36% from the previous all-time high when the platform saw 11,706 futures, worth over $125 million.

The last record was made at the end of July, for two consecutive days, and since that spike, Bakkt saw a shift in its trend.

The last ten days of July saw BTC going from $9,100 to about $11,400, which led the price to hit over a year high only to dump right back to $10,500 level.

In the past month, the volume on Bakkt has been keeping up; on Sept. 15, a total of $183 million worth of bitcoin futures (physically settled + cash-settled) were traded per data source Skew.

Just like volume, open interest also recovered, which nearly halved during bitcoin’s move from about $11,940 to $12,480 and back to $11,900. From the low of $9.5 million on August 25th, OI on Bakkt has spiked to $13 million.

Unlike Bakkt, CME had a lackluster past few days. Since hitting $1.1 billion on Sept. 2nd, on Tuesday, it registered only $262 million in volume.

However, OI recovered from $415 million just over a week ago to above $500 million.

Unlike the futures, Bakkt’s bitcoin options, launched in December, remain deserted for months now. No one is interested in trading its bitcoin options, but CME managed to see volume between $4.3 million to $24 million this month.

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