Bakkt Bitcoin Futures Daily Volume Nears $200 Million

Bakkt, a cryptocurrency platform owned by the Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has reported a record daily trading volume for its physically-settled Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) futures contracts.

15,955 Bitcoin derivative contracts issued by the company were traded on September 15, breaking its previous single-day record by 36 percent, which was set on July 28 this year after 11,706 contracts changed hands.

The combined value of all the contracts traded on Tuesday is around $200 million.

ICYMI: Tuesday's Bakkt Bitcoin Monthly Futures:

? Traded contracts: 17745 ($192.84 million, +61%) (New ATH ?) ? All time high: 17745 (9/15/2020) ? Open interest: $12.60 million (+13%) Did I help you by crunching data? Send me some sats: https://t.co/TF6sNUwWpO pic.twitter.com/8oirYFUwst — Bakkt Volume Bot (@BakktBot) September 16, 2020

“This strong trading activity is another validation of the important role that our physically-delivered contracts play for price discovery in the bitcoin market,” Trabue Bland, president of ICE Futures US, said.

“Having a fully regulated futures market, supported by Bakkt’s institutional-grade custody, offers a more compelling opportunity for investors and others who want to take positions or manage risk in volatile bitcoin markets.”

Still behind Competition

Bakkt launched its Bitcoin futures in September 2019. Being the first physically-settled Bitcoin derivatives in the United States market, it received a lot of hype before the launch. However, their demand remained dull.

The company also expanded its offerings over time and added Bitcoin options as well as cash-settled Bitcoin futures over time.

“Since we first launched Bakkt nearly a year ago, we’ve remained committed to expanding trust in, and unlocking the value of, digital assets,” Adam White, president of Bakkt, added. “Our futures contracts were designed with institutional market participants in mind and we’re pleased to see growth in terms of both volumes and the number of customers participating in this market.”