Bakkt set a new record yesterday in terms of trading volumes.
In fact, in a single day they were 17,745 Bitcoin futures contracts, amounting to approximately $ 192.84 million, were traded.
📈 Volume: 17745 ($ 192.84 million, + 61%) (New ATH 🚀)
🚀 All time high: 17745 (9/15/2020)
💰 Open interest: $ 12.60 million (+ 13%)
🎯 Target: ▓▓ º º º º º º º º º 15.5% raised of 5,841,730 sats for server costs
🙏 Donate: https://t.co/TF6sNUwWpO pic.twitter.com/fO4d7M1FZD
– Bakkt Volume Bot (@BakktBot) September 16, 2020
Volumes had already held the previous day, at 119.1 million, but with a powerful 61% increase in one day, jumped to their all-time high.
On September 11 they were just 68.9 million, while on September 9 they had reached a low peak at 38.
In other words, in six days they multiplied by a factor of five.
The previous all-time record was set at the end of August, just over two weeks ago, and the dynamics were similar, with a three-fold increase in just six days.
This time, however, both the increase in the days leading up to the record and the level reached were significantly higher, suggesting a clear increase in interest from institutional investors for this financial product.
Bakkt and other platforms, volumes in comparison
It should be noted that Bakkt futures contracts are settled in bitcoin, and not in dollars like those of CME, and that are exchangeable on Wall Street, that is, on the ICE exchange.
However, it should also be noted that the volumes of cryptocurrency futures contracts traded on cryptocurrency exchanges are at least an order of magnitude higher, given that only on Binance Futures the absolute record is 12.7 thousand. millions of dollars traded in a single day.
The daily volumes of CME's dollar bitcoin futures contracts are also higher, but not by as much.
For example, 4,859 of these contracts were traded yesterday and since each contract consists of 5 BTC, the total volume was 24,295 bitcoins. Bakkt futures, on the other hand, cost 1 BTC each, so yesterday's record volume of 17,745 contracts is roughly half that of CME futures.
However, it should be noted that the record number of bitcoin futures contracts traded on the CME in the last month occurred on September 2, with 18,355 contracts traded, for a total of 91,775 BTC, more than five times the record. by Bakkt.