After a start that disappointed many, interest in Bakkt’s Bitcoin futures is really picking up steam. Having witnessed an all-time high volume on Wednesday, the platform is today on track for a repeat performance.
According to the Twitter account Bakkt Volume Bot (@BakktBot), more than 286 physically-settled Bitcoin futures contracts have traded on the regulated, ICE-backed platform so far today — at the time of this writing.
∙ Today's volume so far: 286 BTC
∙ Last traded price: $7,655.00
∙ Trading day progress: 19% (if this continues: 100% equals to 1506 BTC)
— Bakkt Volume Bot (@BakktBot) October 25, 2019
The Bakkt Volume Bot tweeted the volume reported by the ICE-backed futures platform at just19 percent the way through the day. At 286 BTC, if trading continues at the same pace, a total of 1,506 Bitcoin contracts will have been traded today.
This would represent a huge increase in the platform’s previous all-time high. Just two days ago, on October 23, a total of 640 contracts were traded on Bakkt — an increase of 653 percent on the previous day.
ICYMI: Wednesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 640 (+653%) (New ATH 🚀)
📈 Day before: 85
🚀 All time high: 640
— Bakkt Volume Bot (@BakktBot) October 24, 2019
As BeInCrypto reported, the Bakkt Volume Bot reported that a total of 370 BTC worth of contracts had been traded at just a third of the way through Wednesday. This would have put the total for the day at 1,089 contracts. Although the performance ended up falling massively short of this, it was still by far the most interest the platform had seen within a 24-hour period.
Of course, there might well be another tail off in interest as today progresses. However, at just a fifth of the way through trading, the Bitcoin futures contract volume is already higher than on any other day in the platform’s brief history — excluding October 23 and 24.
In other Bakkt news, the platform announced yesterday the launch of new derivatives products coming on December 9. The new options on Bitcoin futures offered at the exchange may well translate into even greater interest in Bakkt towards the end of the year. Bakkt CEO Kelly Loeffler wrote in a blog post that the new products were inspired by customer demand.
Images courtesy of Twitter.
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