Bakkt on the way to breaking the Bitcoin trade volume record in November
Bitcoin futures trading (BTC) on the Intercontinental Exchange Bakkt platform is experiencing a considerable increase in average daily volume so far this month compared to September and most of October.
The volumes of yesterday, November 5, reached their historical peak, with 1061 contracts negotiated for USD 10 million, an increase of 96% over the previous day.
According to the tracking data compiled by the Twitter account Bakkt Volume Bot (@BakktBot), which is not affiliated with Bakkt, but a Dutch journalist and crypto author Gert-Jan Lasterie, the platform had published its historical peak for its negotiated contracts on October 25.
November on the way to exceed the volumes of October
At the current rate, Bakkt should negotiate more than USD 200 million in BTC futures contracts in November. Bakkt Volume Bot data reveals that, at the end of October, Bitcoin futures trading had been significantly and consistently higher than during the first month of the launch of the platform.
Compared to Bitcoin spot market data, this sharp increase in Bakkt’s volume seems to correspond to a period of volatility that begins, with Bitcoin falling below USD 7,500 and rapidly rising to more than USD 10,400 at the end of October, before settling closer to the range of USD 9,300 in recent days.
Reaching futures settled in fiat money
Despite the more robust volume published in Bakkt, the volumes are still far from the almost USD 970 million in daily volume currently traded on the Binance Futures platform.
As previously reported, Bakkt’s highly anticipated contracts, the first of its kind to be physically liquidated in Bitcoin, entered into force on September 22.
The disappointing volumes of the platform in its first week were immediately compared, unfavorably, with BTC futures liquidated in fiat money at CME, which were launched for the first time in December 2017.
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