In an unexpected and surprising turn of events, Bakkt’s Bitcoin futures trading volume has soared by an unprecedented 796% in a single day on October 9. The Bitcoin futures trading volume on the Bakkt platform reportedly soared to a new all-time high of 224 contracts on October 9.
According to data, the daily traded volumes of Bakkt’s Bitcoin monthly futures contracts soared from just 25 on October 8 to 224 on October 9. The sudden spike is surprising as, since its launch on September 23, the Bakkt’s Bitcoin futures daily trading volume has been one to forget.
Bakkt is an Intercontinental Exchange (ICE)-backed Bitcoin platform, which was eventually launched on September 23, 2019, and boasts big names as partners, from computing giant Microsoft to the coffee chain Starbucks. The much-awaited Bitcoin futures trading platform is the first of its kind to receive approval from United States regulators and is a product of ICE, the operator of the New York Stock Exchange. Bakkt suffered numerous setbacks before its eventual launch on September 23.
However, much to the disappointment of traders and investors, trading of Bakkt’s physically-backed Bitcoin futures saw something of a slow start on the first day of its launch. Its performance on the first day showcased a tepid volume of just 72 Bitcoins. Given the hype and anticipation around the launch, this left a lot to be desired. Since then, the daily volume has fluctuated but showed little signs of upward movement. Wednesday’s display, however, is unprecedented.
This impressive show is likely correlative to the increase in Bitcoin’s spot price. On October 9, Bitcoin rose to a 2-week high, surmounting a significant hurdle at $8,500, marking one of the
largest single-day increases in over a month. Traders have stayed desperate for recovery since Bitcoin fell into a doom-ridden downward spiral below $8,000. Ironically, the notable dip was attributed to Bakkts’ poor launch performance.