- 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.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 224 (+796%) (New ATH 🚀)
📈 Day before: 25
🚀 New all time high: 224
— Bakkt Volume Bot (@BakktBot) October 10, 2019
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.
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.