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October 18, 2019
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Bakkt’s Bitcoin Futures Trading Volume Soars 796% in One Day: Report

The buying and selling quantity of Bitcoin (BTC) futures on the Intercontinental Exchange’s (ICE) Bakkt platform reportedly soared to 224 contracts on Oct. 9 — 796% larger than the day prior to this.

According to the monitoring information compiled by Twitter account Bakkt Volume Bot (@BakktBot) — which isn’t affiliated with Bakkt however fairly with Dutch journalist and cryptocurrency creator Gert-Jan Lasterie — the 224 contracts symbolize an obvious all-time-high for the platform.

A turnaround after tepid launch?

Graph exhibiting reported improve in each day traded quantity for Bakkt Bitcoin Monthly Futures. Source: @BakktBot

The bot’s information signifies that each day traded volumes of Bakkt’s Bitcoin Monthly Futures contracts soared from simply 25 on Oct. eight to 224 on Oct. 9.

This uptick in quantity was succeeded by a strong improve in Bitcoin’s worth on Oct. 9 — from roughly $eight,200 to $eight,600, as Coin360 information signifies:

BTC/USD 7-day chart

BTC/USD 7-day chart. Source: Coin360

The first bodily settled BTC futures

As Cointelegraph beforehand reported, Bakkt’s much-anticipated contracts — the primary of their variety to be bodily settled in Bitcoin — went dwell on Sept. 22.

The platform’s underwhelming volumes in its first week had been instantly in contrast to the fiat-settled BTC futures on CME, which first launched again in December 2017.

In early October, Binance Research, the trade’s analytics arm, went as far as to establish the sluggish volumes in Bakkt’s early days as a contributing issue to BTC/USD subsequent plummeting from close to $10,000 to below $eight,000.

At press time, ICE’s information signifies that 59 contracts had been traded on the day to date, with the final one buying and selling at $8485.

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