After a slow start last month, Bakkt’s Bitcoin futures platform recorded serious volumes this week. While Bitcoin has made huge gains in recent days, Bakkt’s volume has almost doubled from its all-time high. The platform tweeted that it keeps a daily record of 1,179 contracts traded.
Bakkt’s last volume has almost doubled the previous ATH
Yesterday, Bitcoin saw a massive 40% rally, triggering high volumes on all exchanges. After a year of delay, ICE finally launched the Bakkt- Bitcoin futures platform with much appreciation last month. Corporate investors were expected to come with a bag of money. However it did not match with the actual expectations. Most days, the volume was much less than $ 2 million. On Wednesday, however, the platform reached a record volume of $ 4.8m, traded under 640 contracts.
Only two days later, Bakkt doubled its previous volume by trading 1,179 contracts. As Bakkt’s proposals are physically analyzed, institutional investors are finally beginning to adopt it. Alex Kruger, an economist and trader, said these contracts were not traditionally popular among institutional investors. According to the analyst, 98% of futures contracts were not physically executed.
Bakkt’s trading volume rises when excessive volatility
Like any other cryptocurrency exchange, Bakkt’s trading volume rises when there is excessive volatility. During the day of the previous 640 contracts, Bitcoin lost about $1,000. Now, while Bitcoin earns almost $2,500 overnight, the number of contracts traded has doubled. Bakkt wants to take advantage of the BTC markets and will not be silent with its only offer.
The platform will launch Bitcoin options contracts in December. These are the first options contracts for Bitcoin futures and have already been approved by the US Commodities Trading Commission (CFTC). Bakkt’s Bitcoin option contract will be based on futures contracts.