Bakkt Bitcoin Futures Volume Breaks All-Time High
Bakkt, the Bitcoin derivatives brainchild of the Intercontinental Exchange (ICE), reported a new all-time high for its Bitcoin futures offering yesterday, with an equivalent of $200 million swapping hands.
With 15,955 futures contracts traded in a single day, Bakkt marks a 36% advance on its previous record of 12,791 contracts, which was posted on August 26th.
"Another record day in the books for our physically delivered futures: 15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high," tweeted Bakkt.
Yesterday's milestone stands in stark contrast to Bakkt's recent performance, which has offered a daily average of $84 million physically-settled Bitcoin futures, per data from market analytics firm Skew.
Compared to the first half of 2020, where Bakkt's daily volume averages struggled to climb above $20 million, yesterday's record-breaker counts as a definite, and positive, change of pace for the firm.
Bakkt Bitcoin futures stats April through September. Source: Skew
Bakkt Still Doesn't Hold a Flame to the CME
Despite being one of Bakkt's biggest days, its volumes continue to pale in comparison with its main competitor - the Chicago Mercantile Exchange (CME), which currently trades Bitcoin futures at a daily average of $506 million.
Ironically, while Bakkt's Bitcoin derivatives volumes soar in relative terms, the CME has witnessed a notable lull, trading well below its usual standard.
Starting the month strong, the CME posted daily volumes in excess of $1.1 billion on September 2nd, only for the figure to slump considerably, down to $262 million by September 15th.
CME Bitcoin futures stats August through September. Source: Skew
Unlike the CME, however, which settles in cash only, Bakkt offers Bitcoin futures settlements in bitcoin - a favorable attribute for many in the crypto community. Although, as market analysts have been quick to point out that in the early days of its existence, only a handful of Bakkt investors choose to accept settlement this way.