Bakkt Breaks Its Own Records
In an exhilarating twist of events, Bakkt, the regulated crypto asset trading platform owned by Intercontinental Exchange, reported an astonishing milestone on September 16. It witnessed daily trading volumes for its physically-settled Bitcoin (BTC) futures soaring beyond $200 million, marking a glorious 36% increase from its previous records. Talk about smashing goals!
Volume Surge: What the Numbers Tell Us
According to Skew, a well-known crypto market data aggregator, this record isn’t just a fluke—it’s roughly double the average daily volumes the platform had been seeing all month. You have to wonder: is this the sign that institutional investors are finally embracing the crypto world more seriously?
Physically Settled Futures: The Bakkt Promise
Here’s the kicker: Bakkt offers “physically settled” contracts, meaning traders can receive actual Bitcoin instead of cash when their contracts expire. However, analysts have pointed out a tiny detail—most traders opt to roll over their contracts rather than taking delivery of the Bitcoin. So while the promise of physical settlement is a nice touch, it seems like many prefer to keep the wheels turning, leaving their Bitcoin in Bakkt’s capable hands.
Comparison with Big Players
Even with its remarkable achievement, Bakkt’s trading volumes still hang out in the kiddie pool, compared to the deep end where giants like Binance and Huobi play. Over the past 24 hours, Binance’s BTC-USDT perpetual contract alone generated a jaw-dropping $2.65 billion! Huobi didn’t trail too far behind, raking in $5.48 billion across its 103 futures pairings, including $1.28 billion from its BTC-USD perpetual contract.
The Road Ahead for Bakkt
The recent surge in trading volume suggests that institutions might be finally warming up to Bakkt, which has been touted in the past as the potential catalyst for an institutional-led bull market. However, Bakkt’s trading figures need to catch up to the robust volumes seen on larger exchanges. The key question remains: will this upward trend sustain itself, or will it just be another brief flash in the pan?
