The Bitcoin Futures trading volume on crypto derivatives company, Bakkt, reached an all-time high on September 15, according to an announcement.
The crypto derivatives company, which is operated by an Intercontinental Exchange, recently informed about its achievement through a tweet.
In its tweet, it mentioned that it has traded a total of 15,955 Bitcoin Futures, worth around $172 million in volume.
On July 28, Bakkt traded 11,706 Bitcoin Futures whose worth was around $125 million in volume. This means the recently recorded trading volume of Bakkt is increased by 36 percent.
The agreements to purchase or sell BTC in the future for a specific price are Bitcoin Futures.
It has been noticed that presently, the price of Bitcoin is fluctuating regularly, at this point investing in futures contracts would be considered as gambling.
The crypto market data aggregator Skew published a report stating that compared to the data of September only, the recent figures are almost double the average daily volume.
Although Bitcoin derivatives of Bakkt are considered to be the catalyst for an institution-led bull market, it was still not able to meet the expected impact.
It is being believed that this happened because this year in January, Bakkt remained inactive completely. But recently, as the platform experienced a surge of 36 percent, it could be said that now, the institutions are warming up.
This increase in volume has been good news for Bakkt, but when its volume is compared to CME’s, the derivatives company’s performance is not considered to be that good.
On September 15, CME recorded the trading volume of Bitcoin Futures which reached above $262 million.
It is to be noted that Bakkt usually settles the contracts physically on its platform, however, this is not the case with the CME, whose contracts are cash-settled products.