<p>Crypto derivatives provider <a href="https://www.theblockcrypto.com/linked/27097/bakkt-to-start-testing-futures-product-on-july-22-and-its-eyeing-100-million-insurance-for-storing-assets">Bakkt</a> has recently gained some ground in the market for bitcoin futures.</p> <p>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. </p> <p>According to data from The Block, <a href="https://www.theblockcrypto.com/linked/40798/bakkt-sees-72-bitcoin-future-contracts-traded-on-first-day-of-launch">Bakkt</a> 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, <a href="https://www.theblockcrypto.com/linked/44447/bakkts-monthly-bitcoin-futures-hit-nearly-5m-in-trading-volume">Bakkt's</a> daily volumes have struggled to top $100 million.</p> <p>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. </p> <p><a href="https://www.theblockcrypto.com/linked/77872/bakkts-bitcoin-futures-market-surges-after-months-of-trailing-rival-cme/screen-shot-2020-09-15-at-7-15-00-pm" rel="attachment wp-att-77883"><img class="alignnone wp-image-77883 size-full" src="https://www.tbstat.com/wp/uploads/2020/09/Screen-Shot-2020-09-15-at-7.15.00-PM.png" alt="" width="2456" height="1256" /></a></p> <hr /> <p><em>Editor's note: This piece has been updated to include accurate CME bitcoin volumes</em></p>