Bakkt's monthly bitcoin futures hit all-time-high of $37M

Bitcoin • November 28, 2019, 12:07PM EST
UPDATED: November 28, 2019, 12:18PM EST
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Bitcoin futures market Bakkt just logged the largest single-day volumes for its physically-settled monthly bitcoin future contract. 

Volumes hit ~$37.45 million on Wednesday, passing its previous high of ~$19.96 million on November 22. The total volume of Bakkt’s monthly bitcoin futures now stands at $269.64 million (33,036BTC) since the market launched on Sept. 23. The average volume has been ~$5.62 million (688.25 BTC) a day over the last 48 trading days.  

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The break-neck growth of the market was predicted by CoinRoutes CEO Dave Weisberger, who noted some markets experience "hockey stick growth."

"There's an old expression: liquidity begets liquidity," he told The Block on November 25. 

In October, Bakkt rolled out a liquidity incentive program, which is awaiting approval from the CFTC. It could further fuel the growth of the new market. The Intercontinental Exchange-backed venture is also looking to roll-out an options market tied to bitcoin in December. 

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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