Fueled by bitcoin's rise, Bakkt reports record high volumes for its bitcoin futures market

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Bakkt just reported the largest single-day volumes for its physically-settled monthly bitcoin future contract. On Monday, the Bitcoin futures market, saw a new all-time daily high of 11,509BTC, an amount worth nearly $114M based on the closing bitcoin price as reported by CoinMarketCap.

As shown in the volume chart below, Monday's figure represents a significant spike in activity compared to recent weeks. The last such spike took place in May. Today's record-setting day was an 84% increase from its last all-time high in December 2019.

Not counting today's volume, the average daily volume for Bakkt's futures market is 1,726 BTC, roughly $14.7M, year-to-date. As data from Skew indicates, Bakkt occupies only a sliver of the wider bitcoin future market. On Friday, for example, Bakkt saw more futures trading than Kraken but was dwarfed by market leaders Huobi, Binance, and others. 

Bakkt raised $300 million in a Series B funding round in March, as The Block previously reported. 

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May 5, 2022, 3:17PM UTC
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