Bitcoin Trading Volumes on Track to Hit New Records with Bakkt This Month

Intercontinental Exchange Bakkt platform's Bitcoin (BTC) futures trading activity is on pace to set a new high in terms of volume in the month of November.

  • Bakkt recorded all-time highs for their Bitcoin futures trading contracts.
  • The last all-time high was recorded on October 25th.

Bakkt, the crypto trading platform established by the Intercontinental Exchange, has been the host of considerable Bitcoin futures trading this month. Based on the current numbers, there has been a major rise in the average daily volume, especially in comparison with September and October. Yesterday, the platform posted 1,061 traded contracts, amounting to $10 million. This was an all-time high, increasing 96% since the day before.

Bakkt Volume Bot accumulated tracking data that revealed the last time that the platform posted an all-time high for traded contracts – October 25th. The Twitter profile, @BakktBot, is not affiliated with Bakkt and is instead connected with Gert-Jan Lasterie, a cryptocurrency author and Dutch journalist.

Based on the current pace of trading, experts expect Bakkt to trade in excess of $200 million for BTC futures contract this month. By the end of October, the trading for this particular crypto product has been substantially and consistently higher than the first month that the platform was launched.

BTC/USD chart, Oct. 23-Nov. 6 2019

Based on the data involved in the Bitcoin spot markets, the jump in the volume on Bakkt seems to be connected with a volatile period between. After all, Bitcoin was below $7,500 and rose up to $10,400 in October. In recent weeks, the digital asset has resided around $9,300.

Even considering the volume that Bakkt is recording, it is still substantially lower than what is found on Binance Futures. Binance Futures records about $970 million in daily traded volume regularly. Still, since the Bakkt contracts only went live on September 22nd, and their notoriety as being the first of their kind to be settled with Bitcoin, these numbers could rise.

CME first launched their fiat-settled Bitcoin futures in December 2017, and the underwhelming volumes were immediately compared with the longtime platform.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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