Despite the milestone, Bakkt’s future volumes pale in comparison to those of top crypto exchanges Binance and Huobi.
Bakkt, a regulated platform for crypto asset custody and trading owned by Intercontinental Exchange, has reported record daily trading volumes for its physically-settled Bitcoin (BTC) futures contracts.
On September 16, Bakkt announced that more than $200 million worth of BTC contracts had been traded over a single day — breaking its previous record by 36%.
According to crypto market data aggregator Skew, the record figure is roughly double the average daily volumes posted throughout September so far.
Bakkt daily Bitcoin futures volume: SkewDespite being touted as the likely catalyst for an institutional-led bull market, Bakkt’s Bitcoin derivatives failed to meet the expected impact — seeing sustained periods of complete inactivity during January of this year.