Bakkt, a regulated platform for crypto asset custody and buying and selling owned by Intercontinental Alternate, has reported report every day buying and selling volumes for its physically-settled Bitcoin (BTC) futures contracts.

On September 16, Bakkt announced that greater than $200 million value of BTC contracts had been traded over a single day — breaking its earlier report by 36%.

In keeping with crypto market information aggregator Skew, the report determine is roughly double the typical every day volumes posted all through September up to now.

Bakkt every day Bitcoin futures quantity: Skew

Regardless of being touted because the probably catalyst for an institutional-led bull market, Bakkt’s Bitcoin derivatives failed to fulfill the anticipated affect — seeing sustained periods of complete inactivity throughout January of this 12 months. Nonetheless, the regular enhance in quantity just lately loved by the platform means that establishments are actually warming to it.

A degree of distinction for Bakkt’s contracts is they’re supposedly ‘bodily settled’ in Bitcoin reasonably than money. Nonetheless, analysts have highlighted that the majority contracts traded on Bakkt are rolled over — with solely a minority of merchants opting to obtain Bitcoin when the contracts expire.

Regardless of the brand new all-time excessive, Bakkt’s volumes pale compared to the commerce exercise on the biggest cryptocurrency exchanges. Over the previous 24 hours, Binance’s BTC-USDT perpetual contract — a futures contracts with no expiry or settlement date — drove $2.65 billion in commerce, whereas the trade’s 74 futures pairings pushed $5.96 billion collectively.

Huobi’s 103 futures pairings generated $5.48 billion in commerce over the previous 24 hours, together with $1.28 billion from the platform’s BTC-USD perpetual contract. OKEx’s BTC-USD perpetual contracts noticed $516 million value of buying and selling in the present day, with the trade’s 466 futures pairings driving $2.72 billion in complete.

Nonetheless, Bakkt beat out Derebit in the present day, with Derebit’s BTC-USD contract producing $168 in 24-hour quantity.

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