Bakkt, a regulated platform for the custody and trading of crypto assets operated by Intercontinental Exchange, has reported a record daily trading volume for its physically settled Bitcoin (BTC) futures contracts.
On September 16, Bakkt announced BTC contracts valued at more than $ 200 million traded in a single day, breaking their previous record by 36%.
According to the crypto market data aggregator Skew, the record number is roughly double the average daily volume released so far in September.
Although Bakkt's Bitcoin derivatives were touted as a likely catalyst for an institutionally run bull market, they failed to deliver the expected impact – there were prolonged periods of total inactivity this January. However, the steady surge in volume the platform has seen lately suggests that institutions are now warming up to it.
One difference for Bakkt's contracts is that they are supposedly "physically settled" in Bitcoin rather than cash. However, analysts have highlighted that most of the contracts traded on Bakkt will be extended – with only a minority from merchants who choose to receive Bitcoin when the contracts expire.
Despite the new all-time high, Bakkt's volumes pale compared to trading activity on the largest cryptocurrency exchanges. In the last 24 hours BinanceThe perpetual BTC-USDT contract – a futures contract with no expiration or settlement date – resulted in a trading volume of $ 2.65 billion, while the exchange's 74 futures pairs rose a total of $ 5.96 billion.
HuobiThe 103 futures pairings generated $ 5.48 billion trading in the past 24 hours, including $ 1.28 billion from the platform's perpetual BTC-USD contract. OKExThe BTC USD perpetual contracts traded for $ 516 million today, with the exchange's 466 futures pairs totaling $ 2.72 billion.
However, Bakkt Derebit took part today DerbitThe BTC-USD contract generates a 24-hour volume of $ 168.