Trading volume in physically delivered bitcoin futures listed on Intercontinental Exchange’s Bakkt platform surged to record highs on Tuesday.

  • The derivatives exchange traded record 15,955 contracts, worth more than $200 million. That's up 36% more than the previous lifetime high of 11,706 contracts on July 28, 2020.
  • Daily volumes have increased by more than 1,000% on a year-to-date basis, according to data source Skew.
  • Physically settled futures require bitcoin to be delivered on the specified delivery date rather than being traded out with offsetting contracts. 
  • "Since we first launched Bakkt nearly a year ago, we've remained committed to expanding trust in and unlocking the value of digital assets," said Adam White, president of Bakkt, said in a press release.
  • Bakkt still lags the Chicago Mercantile Exchange, which registered a volume of $262 billion on Tuesday and a record daily volume of $1.2 billion in August.
  • As of Sept. 15, Bakkt accounted for just 1.6% of the global futures trading volume of $12 billion.
  • Binance traded $2.8 billion worth of futures contracts and was the largest exchange by trading volume.
  • "While Bakkt registered one of its highest volume days in physically settled futures [Tuesday], that was still about 30% less than CME futures, which ironically was on the lower end of year-to-date volumes," Vishal Shah, an options trader and founder of derivatives exchange Alpha5, told CoinDesk.
skew_btc_futures__aggregated_daily_volumes-5
Bitcoin futures aggregated daily volumes
Source: Skew

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