The Bakkt Bitcoin futures exchange, backed by the owners of the New York Stock Exchange (ICE), launched last month with much ambition and promise for what it could do to take Bitcoin mainstream.
But the exchange has been wracked by persistently low trading volumes from its beginning—with some analysts even suggesting its poor start contributed to the recent crash in the Bitcoin market.
Yet after days of mostly horizontal movement, trading volumes for monthly contracts at ICE’s futures platform showed signs of life yesterday, skyrocketing by 796 percent from previous day figures.
An average of 224 contracts for monthly Bitcoin futures were traded on Bakkt on Wednesday (a new all-time high), as compared to the 25 contracts that changed hands the previous day.
The spike proved to be short-lived, however. Trading volumes fell rapidly this morning, reaching a nadir at 8:45 am U.S. Eastern Time, before beginning a climb back up. As the moment, only 80 monthly bitcoin futures contracts are on the trading floor.