Bitcoin (BTC) futures daily trading volumes on crypto-asset platform Bakkt recorded another all-time high, according to data obtained from the Intercontinental Exchange (ICE), the trading desk’s parent company, which also owns the New York Stock Exchange. Over $20.3 million in Bitcoin futures contracts, or 2728 futures contracts, were reportedly traded on November 22.
Bakkt’s new daily trading record represents approximately a 66% increase over the previous 24-hour period and is about 30% greater than the previous all-time futures trading high. The previous record was set on November 9, 2019.
Open interest from yesterday presently stands at around $1.75 million, which represents a 29% increase over the previous 24-hour trading day. Bakkt was off to a relatively slow start when it first launched in September 2019. However, the trading volumes of the exchange’s physically settled Bitcoin futures contracts have been steadily increasing.
Bakkt’s latest record volume has come at a time when the Bitcoin price has dropped significantly. BTC fell below $7,000 mark on November 23. Previous surges in crypto futures volumes have also been accompanied by large spikes in BTC price, as experienced from October 25 and November 8 (according to CoinMarketCap data).
ICE, which runs 23 major exchanges throughout the world, has most recently reported Bakkt’s BTC futures trading price at $7,240 on November 22.
Bakkt’s management recently revealed that it is planning to further expand its offerings, including Bitcoin-related products, due to increased institutional interest.
Earlier this week, Bakkt stated that cash-settled BTC futures would be tradable on ICE Futures Singapore, starting on December 9 of this year. Regulated options contracts for BTC are scheduled to be introduced on the same date.
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