In an incredible and slightly confounding turn of events, Bakkt’s bitcoin Futures volume has soared as much as 796% to a new all-time high (ATH).

This is a far cry from previous volumes and a bullish sign of revival for Bakkt following its lackluster beginnings. Launching some two weeks ago, Bakkt day one performance showcased a tepid day-one volume of just 72 BTC. Given the hype and anticipation around the launch, this left a lot to be desired. Since then, the daily volume has fluctuated but showed little signs of growth. Wednesday’s display, however, is unprecedented.

This substantial leap came after a dreary Tuesday for Bakkt, with the firm citing the exchanging of just 25 BTC. By contrast on Wednesday, this figure jumped by almost 9x, with a reported 224 BTC traded in one day – a record for the nascent exchange.

Why did Bakkt Volume Explode?

This impressive show is likely correlative to the increase in bitcoin’s spot price. On Wednesday, BTC rose to a 2-week high, surmounting a significant hurdle at $8,500; marking one of the largest single-day increase in over a month.

Traders have remained desperate for recovery since BTC fell into a doom-ridden downward spiral below $8,000. Ironically, the notable dip was attributed to Bakkts pitful launch performance.

eToro’s Mati Greenspan explained to CCN.com at the time:

“The main catalyst seems to be the underwhelming volumes of Bakkt’s bitcoin debut on Wall Street. Traders have been buying this rumor heavily for months and it seems that they’ve now sold the news.”

Now, it appears the roles have changed, and Bitcoin is firmly in the driving seat – with Bakkt thoroughly enjoying the ride.

Whether or not this journey will continue is another debate. For now, it seems as if Bakkt’s performance relies heavily on positive market performance. If bitcoin takes one of its volatile turns – as it is so prone to doing – Bakkt may take a dip of its own.

Competitor CME Receives lukewarm Interest

Meanwhile, Bakkt’s main competitor in bitcoin futures, the Chicago Mercantile Exchange (CME), has reportedly flopped in terms of interest. This is likely due to the decline in BTC’s price; something the CME can blame on Bakkt.

Prior to Bakkt’s launch, the CME was enjoying profound growth, with the exchange even looking to double their open position limit. The day before bitcoin’s slouch below $8,000, the CME reported a monthly high of 14340 contracts; a day later, this reduced by 42% with just 8,181 contracts traded.

According to data from Skew Markets, open interest for CME’s bitcoin futures contracts has declined by 50% over the last quarter. As shown below, open interest in July was up in the region of $350 million. This figure has since declined rapidly, citing a 50% retrace to a valuation of just $150 million.

Who knows, perhaps the CME will enjoy the same reprisal as Bakkt? Or maybe the brainchild of the intercontinental exchange has stolen its thunder.