Bitcoin (BTC) trading on the precipice of the Intercontinental Exchange Bakkt platform is forgoing a sizable rise in average daily volume so far this month compared to September and most of October.
Volumes trading recently hit their all-time-high — with 1061 traded contracts worth $10 million, a 96% increase over the previous day.
According to tracking data compiled by Twitter account Bakkt Volume Bot (@BakktBot) — which is not affiliated with Bakkt but rather with a Dutch journalist and crypto writer Gert-Jan Lasterie — the platform had posted its all-time-high for traded contracts on Oct. 25.
November volumes on course to smash October record
At the current rate, Bakkt should trade over $200 million in BTC futures contracts in November.
Bakkt Volume Bot’s data thus reveals that as of late October, Bitcoin futures trading has been significantly and consistently higher than during the first month of the platform’s launch.
In the Bitcoin spot markets, this strong pace in Bakkt volume appears to correspond to a period of volatility kicking off — with Bitcoin falling below $7,500 and rapidly soaring to over $10,400 in late October, before settling closer to the $9,300 range in recent days.
The Catch-up
Nonetheless the more intrinsic volume posted on Bakkt, volumes are still a considerable way off from the almost $970 million in daily traded volume currently on the Binance Futures platform.
As previously stated, Bakkt’s much-anticipated contracts — the first of their kind to be physically settled in Bitcoin — went live on Sept. 22.
The platform’s under performing volumes in its first week were thus quickly compared to the fiat-settled BTC futures on CME, which first launched back in December 2017.
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