Bakkt Daily Trading Volume of Bitcoin Futures Reaches an All-time High

Posted on Nov 23, 2019

Data released from ICE (Intercontinental Exchange) has indicated that over $20.3 million was traded in Bitcoin yesterday on Bakkt. The daily volumes of BTC (Bitcoin) futures on the platform has reached an all-time high, nearly 30% higher than the previous record that was reached at the beginning of the month. The daily volume record had jumped by 30% from the previous day alone.

In addition to this, open interest increased yesterday by 29% from the prior trading day. Despite facing a sluggish start in September, Bakkt have witnessed a gradual increase in the volume of physically settled Bitcoin futures. The considerable decline in Bitcoin price, which dropped below $7,000 yesterday has synchronised with the new record for daily volume. Similar movement has been seen earlier this month as volume increased as the Bitcoin price shifted.

As interest seems to be on the rise, Bakkt is reportedly planning to expand its range of products related to Bitcoin. The platform has also confirmed they will be offering cash-settled Bitcoin futures contracts via ICE Futures in Singapore.