The Bakkt platform which initially had a very disappointing start has picked up steam over the past few weeks. At the beginning, it seemed like Bakkt was not living up to all of the expectations that had been set for it and many even began to write it off. However, there has been a consistent increase on average, in the platform’s daily volume since the latter part of October and up till now.
According to Bakkt Volume Bot (@BakktBot), a Twitter handle dedicated to showing real-time reports of Bakkt’s daily trades, the platform hit its current all-time high for a number of contracts traded on Oct 25, at 1183 contracts. Its recorded volume for yesterday hit 1061 contracts ($10 million) which represented an amazing 96% surge from the day before. It has now been estimated that if the platform can keep up with its current trajectory, then it will record well more than $200 million worth of Bitcoin futures contracts, this month.
The Bakkt platform is seeing growing numbers but still generally a lot lower than is thought or is at least hoped for. Since it’s the first-ever platform to offer contracts physically settled in Bitcoin, many still hope that the innovation is bound to attract traffic, in the near future.
Bakkt is operated by the Intercontinental Exchange (ICE) and officially began its services on the 22nd of September.
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