Yesterday, Bakkt’s bitcoin futures trading volumes broke a new record.
This is the new historical high since they were launched on the market in September 2019, with 6,601 contracts traded in 24 hours.
Wednesday's Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 6601 ($47.30 million, +74%) (New ATH 🚀)
🚀 All time high: 6601 (12/18/2019)
💰 Open interest: $3.98 million (-39%)
— Bakkt Volume Bot (@BakktBot) December 19, 2019
As each contract corresponds to 1 BTC, the total volume was $47.3 million, surpassing the previous record of 42.5 at the end of November.
In fact, after having reached a minimum of 11.2 million on December 13th, a growth was triggered that brought the trading volumes in the following three days first to 19.9, then to 25.3, and then to the new absolute record.
In particular, this is the volume of the Bakkt Bitcoin Monthly Futures contract, traded on the New York Stock Exchange.
In September, the trading of these futures began quietly, with very low volumes roughly around a single million dollars a day.
They remained contained throughout the first month, but from the second month onwards volumes started to rise significantly, first to around 5 million and then to 10 million.
Over the past 30 days, they have almost always been above, or close to, the $10 million traded daily, with several peaks above 20. On just two occasions the daily $40 million has been exceeded and in both cases, there has also been a significant increase in the price of bitcoin.
Given that in just three months the average volumes have gone from less than 1 million to more than 10 million, it is fair to say that the growth of these volumes in such a short initial period has been decidedly significant. In addition, peaks above 40 million suggest that there may still be room for further growth.
Although Bakkt’s futures contracts are traded on the New York Stock Exchange, the famous Wall Street, they are actually backed by physical bitcoins, with part of them covered in US dollars.
Conversely, the other bitcoin futures traded in the US, those of the CME at the Chicago Stock Exchange, are exclusively in dollars, and merely replicate the trend of the price of BTC.
The growing interest in Bakkt’s physical bitcoin-based futures on the part of investors operating on the New York Stock Exchange suggests a clear interest of traditional finance towards BTC.