Crypto derivatives provider Bakkt has recently gained some ground in the market for bitcoin futures.
The firm, which is set to launch a retail trading app in the coming weeks, has long trailed CME in daily bitcoin futures trading volumes. In recent days it has gained momentum.
According to data from The Block, Bakkt clocked in $173 million worth of notional trading volumes on Tuesday—an all-time-high. By way of comparison, volumes for CME’s bitcoin futures stood slightly above $383 million on Monday, according to data from Skew. Over the course of the last three months, Bakkt’s daily volumes have struggled to top $100 million.
In terms of the amount of bitcoin traded on Tuesday, the firm clocked in an all-time high of 15,995 bitcoin. Unlike rival CME, which has a cash-settled product, Bakkt’s futures settle in physical bitcoin.
Editor’s note: This piece has been updated to include accurate CME bitcoin volumes
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