Bitcoin (BTC) futures day-to-day volumes on digital asset platform Bakkt have hit a brand new all-time excessive, consistent with knowledge from Intercontinental exchange (ICE). Greater than $20.3 million was once traded in Bitcoin — or 2728 futures contracts — on Nov. 22.
30% larger than the earlier everyday quantity document
the new quantity document represents a 66% increase over the prior day and is roughly 30% larger than the prior all-time excessive on Nov. Eight.
Bakkt everyday quantity & open curiosity chart
Bakkt everyday volume & open curiosity source: BakktVolumeBot
most important cost strikes coincide with big volume
additionally, yesterday’s open interest is presently $1.Seventy five million, a 29% expand over the earlier trading day. Regardless of a sluggish begin upon launch in September, the volumes of Bakkt’s bodily settled BTC futures had been progressively increasing.
The brand new record volume also coincides with a tremendous drop in Bitcoin rate, which fell below $7,000 on Friday. Previous upticks in volumes have additionally aligned with important BTC cost moves as visible round Oct. 25 and Nov. 8.
In keeping with ICE — the operator of 23 main international exchanges, together with the new York stock alternate — the final said Bakkt contract buying and selling cost on Friday was $7,240.
As Cointelegraph pronounced, Bakkt is expanding its line of Bitcoin-associated products as institutional interest seems to be growing.
The digital asset platform established prior this week that money-settled Bitcoin futures contracts will probably be provided on ICE Futures Singapore as of Dec. 9. The primary regulated options contract for Bitcoin can also be expected to launch on the identical date.