The Intercontinental Exchange’s bitcoin derivatives trading platform, Bakkt, has seen its futures contracts trading volume hit a new all-time high after$200 million in a single day.
According to Bakkt, the 15,955 contracts were traded, representing a 36% increase over its previous all-time high. The rise comes as Bakkt has long been trailing its rival, the CME, in daily bitcoin futures contracts volumes.
Per the platform over $200 million worth of bitcoin changed hands to hit the new all-time high. Data from crypto market analytics provider Skew shows that open interest on Bakkt for its bitcoin futures contracts move up over $15 million, up from $11 million last week.
In comparison, the CME’s bitcoin futures volumes were slightly above $383 million earlier this week. It’s worth noting, however, the CME’s contracts are cash-settled, while Bakkt’s bitcoin futures contracts are physically-settled.
As CryptoGlobe reported, cryptocurrency derivatives trading volumes on crypto native exchanges went up 53.6% I August to hit a new all-time high of $711.7 billion. OKEx, Huobi, Binance, and BitMEX were the leading exchanges, representing 90% of derivatives volumes.
According to CryptoCompare’s August 2020 Exchange Review, derivatives volumes went up over 50% in August while spot volumes increased 49.6% to $944.9 billion over the same period, meaning derivatives still represent just over 40% of the market share.
The report also shows that last month CME’s futures contracts saw their trading volume increase by 36.3%, while the exchange’s options contracts’ trading volumes increased by 8.4%.
Featured image via Pixabay.
