Bakkt Bitcoin futures record daily trading volume, but it still can’t compete with top exchanges

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Bakkt, a regulated crypto asset custody and trading platform under the Intercontinental Exchange, reported that the daily trading volume of physically settled Bitcoin (BTC) futures contracts set a record.

On September 16, Bakkt announced that it had traded BTC contracts worth more than $200 million in one day, an increase of 36% from the previous record.

According to data from the crypto market data aggregator Skew, the record trading volume is about twice the average daily trading volume so far in September.

Although Bakkt’s Bitcoin derivatives were touted as a catalyst that could lead to an institution-led bull market, it failed to achieve the expected impact. It was completely inactive during January of this year. However, Bakkt’s recent steady increase in transaction volume shows that institutions are now developing a good impression of it.

One difference between Bakkt contracts is that they are “settled in Bitcoin” rather than cash. However, analysts emphasized that most of the contracts traded on Bakkt are rolled over, and only a few traders choose to collect bitcoin when the contract expires.

Although Bakkt’s trading volume hit a record high, it pales in comparison with the trading activities of the largest cryptocurrency exchanges. In the past 24 hours, Binance’s BTC-USDT perpetual contract (futures contracts with no expiration date or settlement date) had a trading volume of US$2.65 billion, while the total trading volume of 74 futures trading pairs on Binance Exchange Reached 5.96 billion US dollars.

Huobi’s 103 futures trading pairs have a trading volume of US$5.48 billion in the past 24 hours, including US$1.28 billion in the BTC-USD perpetual contract.

OKEx’s BTC-USD perpetual contract has a trading volume of US$516 million today, and the total trading volume of 466 futures trading pairs on the exchange has reached US$2.72 billion.

However, Bakkt’s trading volume surpassed Derebit, and Derebit’s BTC-USD contract had a trading volume of US$168 million within 24 hours.