The trading volume of the Bitcoin options being traded on the Intercontinental Exchange (ICE)-owned trading platform Bakkt has dropped to zero over the past week, one month after the product was launched.

According to data from the ICE’s website, the last day where its Bitcoin options were traded was January 17, when 20 contracts were traded. Since then, no trades have been taking place. Bakkt’s bitcoin options contracts were launched last month, and are regulated by the Commodity Futures Trading Commission (CFTC).

At the time the trading platform also launched cash-settled futures contracts that use its physically-settled bitcoin contracts as a benchmark. In a blog post its COO Adam White compared the ICE’s Brent crude Oil Futures, which it claims are “one of the most important contracts ICE would ever offer” to its ambitions regarding BTC.

On social media some claimed the low trading volume was justified by o institutional demand, but in comparison the CME has been seeing trading volume on its Bitcoin Futures contracts.

CME’s options on Bitcoin futures contracts are quoted in U.S. dollars and each represents five BTC, worth roughly $46,900 at press time. These derivatives give investors a right but not an obligation to buy or sell the underlying asset, with each contract settling into one Bitcoin futures contract.

At the time the CME launched its options on bitcoin futures, the global head of equity index products Tim McCourt said it was pleased with the response and market participants but noted it “takes time to grow any new market.” It’s worth noting Bakkt’s Bitcoin options contracts aren’t seeing any trading volume, but their Bitcoin futures contracts are seeing significant trading volume.

Featured image by Roy Buri on Pixabay.