Bakkt, a regulated platform for crypto asset custody and buying and selling owned by Intercontinental Change, has reported record daily buying and selling volumes for its physically-settled Bitcoin (BTC) futures contracts.
On September 16, Bakkt introduced that greater than $200 million price of BTC contracts had been traded over a single day — breaking its earlier record by 36%.
In response to crypto market information aggregator Skew, the record determine is roughly double the common daily volumes posted all through September to date.
Regardless of being touted because the possible catalyst for an institutional-led bull market, Bakkt’s Bitcoin derivatives failed to fulfill the anticipated influence — seeing sustained intervals of full inactivity throughout January of this 12 months. Nonetheless, the regular enhance in volume not too long ago loved by the platform means that establishments are actually warming to it.
Some extent of distinction for Bakkt’s contracts is they’re supposedly ‘bodily settled’ in Bitcoin reasonably than money. Nonetheless, analysts have highlighted that almost all contracts traded on Bakkt are rolled over — with solely a minority of merchants opting to obtain Bitcoin when the contracts expire.
Regardless of the brand new all-time excessive, Bakkt’s volumes pale compared to the commerce exercise on the biggest cryptocurrency exchanges. Over the previous 24 hours, Binance’s BTC-USDT perpetual contract — a futures contracts with no expiry or settlement date — drove $2.65 billion in commerce, whereas the alternate’s 74 futures pairings pushed $5.96 billion collectively.
Huobi’s 103 futures pairings generated $5.48 billion in commerce over the previous 24 hours, together with $1.28 billion from the platform’s BTC-USD perpetual contract. OKEx’s BTC-USD perpetual contracts noticed $516 million price of buying and selling in the present day, with the alternate’s 466 futures pairings driving $2.72 billion in complete.
Nonetheless, Bakkt beat out Derebit in the present day, with Derebit’s BTC-USD contract producing $168 in 24-hour volume.