Bakkt Bitcoin Futures Set New Daily Record Trading Over $20M

Bitcoin News

Bitcoin (BTC) futures daily volumes on digital asset platform Bakkt have hit a new all-time high, according to data from Intercontinental Exchange (ICE). More than $20.3 million was traded in Bitcoin — or 2728 futures contracts — on Nov. 22. 

30% higher than the previous daily volume record

The new volume record represents a 66% increase over the previous day and is roughly 30% higher than the previous all-time high on Nov. 8. 

Bakkt daily volume & open interest chart

Bakkt daily volume & open interest chart | Source: BakktVolumeBot

Major price moves coincide with big volume

Additionally, yesterday’s open interest is currently $1.75 million, a 29% increase over the previous trading day. Despite a slow start upon launch in September, the volumes of Bakkt’s physically settled BTC futures have been gradually increasing.

The new record volume also coincides with a significant drop in Bitcoin price, which fell below $7,000 on Friday. Previous upticks in volumes have also aligned with major BTC price moves as seen around Oct. 25 and Nov. 8. 

According to ICE — the operator of 23 leading global exchanges, including the New York Stock Exchange — the last reported Bakkt contract trading price on Friday was $7,240.

As Cointelegraph reported, Bakkt is expanding its line of Bitcoin-related products as institutional interest appears to be growing. 

The digital asset platform confirmed earlier this week that cash-settled Bitcoin futures contracts will be offered on ICE Futures Singapore as of Dec. 9. The first regulated options contract for Bitcoin is also expected to launch on the same date.

Products You May Like

Articles You May Like

FTX bankruptcy filing details, Binance’s crypto industry fund and a U.S. CBDC pilot: Hodler’s Digest, Nov. 13-19
Bitcoin traders increase leverage longs even as crypto critics say BTC is a ‘pure Ponzi’
Crypto self-custody a ‘fundamental human right’ but not risk-free: Community
FTX funds on the move as thief converts thousands of ETH into Bitcoin
GBTC Bitcoin discount nears 50% on FTX woes as investors stock up

Leave a Reply

Your email address will not be published.