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Bitcoin (BTC) futures trading on the Intercontinental Exchange Bakkt platform is seeing a considerable rise in average daily volume so far this month compared to September and most of October.

Volumes yesterday, Nov. 5, hit close to their all-time-high — with 1061 traded contracts worth $10 million, a 96% increase over the previous day.

According to tracking data compiled by Twitter account Bakkt Volume Bot (@BakktBot) — which is not affiliated with Bakkt but rather with a Dutch journalist and crypto author Gert-Jan Lasterie — the platform had posted its all-time-high for traded contracts on Oct. 25.

November on course to smash October volumes

At the current pace, Bakkt should trade over $200 million in BTC futures contracts in November.

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Bakkt Volume Bot’s data reveals that as of late October, Bitcoin futures trading has been significantly and consistently higher than during the first month of the platform’s launch.

Source: @BakktBot

BTC/USD chart, Oct. 23-Nov. 6 2019

BTC/USD chart, Oct. 23-Nov. 6 2019. Source: Coin360

When compared to data on the Bitcoin spot markets, this strong uptick in Bakkt volume appears to correspond to a period of volatility kicking off — with Bitcoin falling below $7,500 and rapidly soaring to over $10,400 in late October, before settling closer to the $9,300 range in recent days.

Catch-up

Notwithstanding the more robust volume posted on Bakkt, volumes are still a considerable way off from the almost $970 million in daily traded volume currently on the Binance Futures platform.

As previously reported, Bakkt’s much-anticipated contracts — the first of their kind to be physically settled in Bitcoin — went live on Sept. 22.

The platform’s underwhelming volumes in its first week were immediately unfavorably compared to the fiat-settled BTC futures on CME, which first launched back in December 2017.

Original Article

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