Almost a year after its launch, Bakkt manages to reach a record in the daily trading volume of future Bitcoin contracts. Could Bakkt have good news for its anniversary?
With the recent rise in the price of Bitcoin in the crypto market, traders have focused on looking for the best investment opportunity. As a result, interest in Bakkt futures contracts increased.
Daily volumes of futures contracts on Bakkt rise to all-time highs
Thus, as commented in an interview by the President of the company, Adam White. The volume of transactions in the Bakkt Bitcoin futures market reached a new record high on Tuesday.
Well, a record of 15,955 contracts was negotiated reaching 200 million dollars. That’s 36% more than the previous lifetime maximum of 11,706 contracts on July 28, 2020.
Despite these good numbers, Bakkt still lags behind the Chicago Mercantile Exchange, which posted a volume of $ 262 billion on Tuesday and a record daily volume of $ 1.2 billion in August. This according to data from Skew.
It must also face Binance, as the Exchange par excellence negotiated futures contracts worth $ 2.8 billion dollars, managing to earn the place of the largest Exchange in the market by volume of operations.
As of September 17, Bakkt accounted for only 1.6% of the market’s global futures trading volume.
Bakkt’s commitment to expanding trust and continuing to grow in the ecosystem
White added in the interview that Bakkt’s goal is not something that can be built in the short term. His priority is to build trust with users with the platform, to help unlock the value of digital assets.
In this way, and although Bakkt would continue to be far behind other exchanges of future contracts on Bitcoin such as CME Group. For White, his company has the advantage of having a physical product based in the United States.
What makes it attractive for those who want to enter the crypto market with the security provided by American justice.
Finally, for Bakkt, the race for the Bitcoin derivatives market is just beginning.