Bitcoin futures exchange, Bakkt has hit a new daily all-time high of $134 million in physically settled Bitcoin futures contracts.
Trading volume for physically settled Bitcoin futures on the Intercontinental Exchange (ICE) subsidiary eclipsed the previous high of $132 million on July 28, after a month of significant growth in trading volume.
And the growth is particularly for Bakkt’s physically-settled contracts, which is down to ‘institutional interest’, according to Bakkt president Adam White.
Speaking of the surge in interest, White said, ‘The market recognizes the value that a regulated physically delivered Bitcoin future offers for hedging and risk management and speculation.’
The Bitcoin Futures Market Is Quickly Growing
Having launched last September, Bakkt has seen some significant growth of late. The growth comes after a relatively slow start, which led many in the space to dismiss the idea of physically settled Bitcoin futures.
But the growth in Bakkt’s physically settled Bitcoin Futures is reflected throughout the Bitcoin derivative market as a whole.
The interest in Bakkt’s product has been considerable, but daily volume for all of its contracts is still only $279 million, whereas Chicago-based CME Group, Bitcoin futures trading daily volume is at $1.5 billion. Read More at Bitcoin Maximalist