Home / Cryptocurrency / Bakkt’s Bitcoin Futures Trading Volume Soars 796% in One Day: Report

Bakkt’s Bitcoin Futures Trading Volume Soars 796% in One Day: Report

The buying and selling quantity of Bitcoin (BTC) futures at the Intercontinental Trade’s (ICE) Bakkt platform reportedly soared to 224 contracts on Oct. nine — 796% upper than the day before today.

In line with the monitoring information compiled through Twitter account Bakkt Quantity Bot (@BakktBot) — which isn’t affiliated with Bakkt however slightly with Dutch journalist and cryptocurrency creator Gert-Jan Lasterie — the 224 contracts constitute an obvious all-time-high for the platform.

A turnaround after tepid release?

Graph showing reported increase in daily traded volume for Bakkt Bitcoin Monthly Futures

Graph appearing reported building up in day by day traded quantity for Bakkt Bitcoin Per 30 days Futures. Supply: @BakktBot

The bot’s information signifies that day by day traded volumes of Bakkt’s Bitcoin Per 30 days Futures contracts soared from simply 25 on Oct. eight to 224 on Oct. nine.

This uptick in quantity was once succeeded through a cast building up in Bitcoin’s worth on Oct. nine — from kind of $eight,200 to $eight,600, as Coin360 information signifies:

BTC/USD 7-day chart

BTC/USD 7-day chart. Supply: Coin360

The primary bodily settled BTC futures

As Cointelegraph in the past reported, Bakkt’s much-anticipated contracts — the primary in their type to be bodily settled in Bitcoin — went survive Sept. 22.

The platform’s underwhelming volumes in its first week have been in an instant compared to the fiat-settled BTC futures on CME, which first introduced again in December 2017.

In early October, Binance Analysis, the trade’s analytics arm, went as far as to spot the gradual volumes in Bakkt’s early days as a contributing issue to BTC/USD next plummeting from close to $10,000 to underneath $eight,000.

At press time, ICE’s information signifies that 59 contracts have been traded at the day thus far, with the final one buying and selling at $8485.

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