Bakkt: new volume record

Yesterday Bakkt’s Bitcoin Monthly Futures trading volumes reached a new all-time high: 12,791 contracts traded for a value of $147.7 million.

The previous record had been recorded at the end of July, with 11,509 contracts traded, for a total value of approximately 137.8 million.

This is therefore a substantial increase, with 11% more contracts traded, and a 15% increase in their volume in dollars.

In reality, already the previous day the volumes had been particularly high, exceeding 132 million, while for the rest of the month of August they had never exceeded 100 million, with a minimum peak of 40.6 million on August 14.

Since yesterday the price of Bitcoin Champion lost up to 5%, this historical peak of volumes on Bakkt’s contracts is difficult to read. Moreover, an historical record recorded in August is even more difficult to explain, as this is generally a month with not particularly high volumes.

Actually, however, looking at the graph of bitcoin trading volumes over the last six months, it can be seen that the period with the lowest trading was between mid-June and mid-July, when the price had remained relatively stable in an area between $9,000 and $10,000.

The record growth of Bakkt’s trading volumes

Volumes rose at the end of July, when the price hit over $11,000, and since then they have remained relatively strong, more or less at the levels of the days following the May 11 halving.

However, yesterday on crypto exchanges there would not appear to have been a trade peak, so the Bakkt peak does not seem to be related to the volumes traded on the exchanges. Instead, it could have affected the loss of price value, although this too on the crypto markets does not appear to be an anomaly at all.

In addition, the sustained trading volumes of the day before yesterday for Bakkt futures, when the price had moved slightly, would seem to suggest that there could also be other reasons.

Finally, it must be remembered that Bakkt futures, unlike CME futures, are settled in BTC, and that $147 million traded in one day is actually not a lot, compared for example to the daily trading volumes of CME, or those of crypto derivative platforms such as OKEx, BitMEX, Huobi or Binance.