Bakkt yesterday set a new record in terms of trading volumes.
In fact, in just one day, 17,745 Bakkt Bitcoin Monthly Futures Bakkt Bitcoin contracts, amounting to approximately $192.84 million, were traded.
📈 Volume: 17745 ($192.84 million, +61%) (New ATH 🚀)
🚀 All time high: 17745 (9/15/2020)
💰 Open interest: $12.60 million (+13%)
— Bakkt Volume Bot (@BakktBot) September 16, 2020
Volumes had already been sustained the previous day, at 119.1 million, but with a powerful 61% increase in one day, they jumped to their all-time high.
On September 11th they were only 68.9 million, while on September 9th they had reached a minimum peak at 38.
In other words, in six days they multiplied by a factor of five.
The previous absolute record was set at the end of August, just over two weeks ago, and the dynamics were similar, with an increase of three times in just six days.
This time, however, both the increase in the days leading up to the record and the level reached were significantly higher, which suggests a clear increase in interest from institutional investors in this financial product.
Bakkt and other platforms, volumes in comparison
It is worth noting that Bakkt’s futures contracts are settled in bitcoin, and not in dollars like those of the CME, and that they are exchangeable on Wall Street, i.e. on the ICE exchange.
However, it should also be borne in mind that the volumes of cryptocurrency futures contracts that are traded on the crypto exchanges are at least one order of magnitude higher, given that on Binance Futures alone the absolute record is 12.7 billion dollars traded in a single day.
The daily volumes of CME’s dollar bitcoin futures contracts are also higher, but not as much.
For example, 4,859 of these contracts were traded yesterday, and since each contract consists of 5 BTC, the total volume was 24,295 bitcoin. Bakkt futures, on the other hand, are 1 BTC each, so yesterday’s record volume of 17,745 contracts is more or less half that of CME futures.
It should be noted, though, that the record number of bitcoin futures contracts exchanged on the CME in the last month occurred on September 2nd, with 18,355 contracts traded, for a total of 91,775 BTC, more than five times the record of Bakkt.