Bitcoin (BTC) futures buying and selling on the Intercontinental exchange Bakkt platform is seeing a colossal upward thrust in usual day-to-day volume to this point this month compared to September and most of October.
Volumes the day past, Nov. 5, hit close to their all-time-high — with 1061 traded contracts valued at $10 million, a 96% increase over the earlier day.
In step with tracking information compiled via Twitter account Bakkt volume Bot (@BakktBot) — which isn’t affiliated with Bakkt however rather with a Dutch journalist and crypto writer Gert-Jan Lasterie — the platform had posted its all-time-excessive for traded contracts on Oct. 25.
November on path to smash October volumes
at the present p.C., Bakkt should trade over $200 million in BTC futures contracts in November.
Bakkt quantity Bot’s knowledge exhibits that as of late October, Bitcoin futures trading has been greatly and continuously higher than throughout the primary month of the platform’s launch.
BTC/USD chart, Oct. 23-Nov. 6 2019
BTC/USD chart, Oct. 23-Nov. 6 2019. Source: Coin360
When compared to data on the Bitcoin spot markets, this robust uptick in Bakkt quantity appears to correspond to a interval of volatility kicking off — with Bitcoin falling under $7,500 and rapidly soaring to over $10,400 in late October, before settling closer to the $9,300 variety in up to date days.
however the extra mighty volume posted on Bakkt, volumes are still a tremendous approach off from the practically $970 million in every day traded quantity presently on the Binance Futures platform.
As previously suggested, Bakkt’s much-expected contracts — the first of their style to be physically settled in Bitcoin — went continue to exist Sept. 22.
The platform’s underwhelming volumes in its first week have been instantly unfavorably in comparison with the fiat-settled BTC futures on CME, which first launched back in December 2017.