Bakkt Bitcoin Futures Daily Volume Nears $200 Million
2 min readBakkt, a cryptocurrency platform owned by the Intercontinental Exchange, has reported a record daily trading volume for its physically-settled Bitcoin (BTC) futures contracts.
15,955 Bitcoin derivative contracts issued by the company were traded on September 15, breaking its previous single-day record by 36 percent, which was set on July 28 this year after 11,706 contracts changed hands.
The combined value of all the contracts traded on Tuesday is around $200 million.
āThis strong trading activity is another validation of the important role that our physically-delivered contracts play for price discovery in the bitcoin market,ā Trabue Bland, president of ICE Futures US, said.
āHaving a fully regulated futures market, supported by Bakktās institutional-grade custody, offers a more compelling opportunity for investors and others who want to take positions or manage risk in volatile bitcoin markets.ā
Still behind Competition
BakktĀ launched its Bitcoin futuresĀ in September 2019. Being the first physically-settled Bitcoin derivatives in the United States market, it received a lot of hype before the launch. However, their demand remained dull.
The company also expanded its offerings over time and added Bitcoin options as well asĀ cash-settled Bitcoin futuresĀ over time.
āSince we first launched Bakkt nearly a year ago, weāve remained committed to expanding trust in, and unlocking the value of, digital assets,ā Adam White, president of Bakkt, added. āOur futures contracts were designed with institutional market participants in mind and weāre pleased to see growth in terms of both volumes and the number of customers participating in this market.ā