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Bitcoin futures volumes on US exchange Bakkt hits record

Bakkt, the fully-regulated institutional US exchange for cryptocurrencies, reported the highest-ever volume for its Bitcoin futures product yesterday, after several dismal months.

The demand came on the back of enterprise software firm MicroStrategy stating it scooped up an additional $175 million in Bitcoin yesterday.

Record day for Bakkt

Bakkt said it traded over $200 million in its 15,955 Bakkt Bitcoin futures product on Tuesday, a 36% increase from its previous all-time high. 

Another record day in the books for our physically delivered futures: 15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high 📈 — Bakkt (@Bakkt) September 15, 2020

Despite the figures, the exchange pales in comparison to most crypto exchanges that offer a similar futures product. For example, the daily volume on Bitcoin futures on Binance and OKEx was over $2.3 billion and $2.1 billion respectively on Tuesday alone — ten times as much as Bakkt’s, as per data on on-chain analytics firm Skew.

Image: Skew

Meanwhile, the open interest (OI) on Bakkt — a metric that calculates the number of contracts or commitments outstanding in futures and options trading on an exchange at any time — was just $13 million. In comparison, OI on OKEx was a mammoth $881 million, while that on BitMEX was $803 million.

Image: Skew

Still, the $200 million on Bakkt shows substantial interest from regulated firms interested in gaining exposure to Bitcoin with Bakkt’s physically-delivered futures product — one that deposits Bitcoin to investors upon expiry instead of US dollars.

The development came as US software provider MicroStrategy announced it purchased another 16,000 Bitcoin, worth $175 million, yesterday. The purchase brought the firm’s total Bitcoin holdings to be valued at over $375 million, with MicroStrategy touting Bitcoin’s properties as a hedge against inflation on traditional cur...

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