The Bitcoin futures market is on fire as the latest crypto news show. The Intercontinental Exchange and platform Bakkt is seeing a considerable rise in the average daily volume so far this month, compared to the month of September and most of October. At this pace, Bakkt is set to smash the trading volumes and set a new record.
The volumes yesterday on November 5 hit close to the all-time high and there are 1061 traded contracts which are now worth $10 million. This was a 96% increase over the previous day. According to the tracking data which was compiled by Twitter account Bakkt Volume Bot (@BakktBot) which is not affiliated with Bakkt but rather with the Dutch journalist and crypto author named Gert-Jan Lasterie.
At this speed, Bakkt is set to smash the new records and trade over $200 million in BTC futures contracts in November. The Bakkt Volume Bot and his data reveals that as of late October, the Bitcoin futures trading has been significantly and consistently higher than during the first month of the platform and its launch.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 224 (+796%) (New ATH 🚀)
📈 Day before: 25
🚀 New all time high: 224Follow @BakktBot for realtime updates. pic.twitter.com/gd7nu1GndG
— Bakkt Volume Bot (@BakktBot) October 10, 2019
When compared to the data on the Bitcoin spot markets, the strong uptick in the Bakkt volume appears to correspond to the period of volatility that has kicked off. However, the price of BTC has seen a retrace today and finally broke the $9,400 region in an attempt to go over $9,600 soon.
In late October, BTC even touched $10,400 which boosted the demand for the Bakkt BTC trading – and again which is why Bakkt is set to smash the records now.
The more robust volume that is posted on Bakkt shows that volumes are still a considerable way off from the almost $970 million in the daily traded volume that is currently on the Binance Futures platform.
As we previously reported, the much anticipated contracts for Bakkt went live on September 22. They are the first of their kind to be physically settled in Bitcoin. Meanwhile, the platform’s underwhelming volumes in the first week were immediately unfavorably compared to the fiat-settled BTC futures on CME, which launched back in December 2017.
At press time, Bitcoin is retracing at $9,384 and is near the $9,400 mark. The market cap is also stable above $253 billion.
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