Bakkt Bitcoin Futures Trading Volume Just Hit Another All-Time High
Bitcoin (BTC) futures daily volumes on digital asset platform Bakkt have hit a new all-time high, with 1,741 futures traded on Nov. 9.
Bakkt announced the new record, stating:
“Today we set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded.”
Volume spike coincides with Bitcoin price dip
Twitter account dedicated to Bakkt futures trading volume data, Bakkt Volume Bot, also pointed out the development on Nov. 8.
Additionally, the daily volume of 1,741 (about $15.5 million) represents a 109% increase over the 834 contracts traded the day before with each contract being equivalent to one Bitcoin.
Bakkt daily volume graph. Source: Bakkt Volume Bot
The new record volume coincides with a sharp Bitcoin price decrease, falling under $9,000. The last reported Bakkt contract trading price as of press time is $8,895.
Bakkt’s volume rising month over month
Bakkt physically settled monthly Bitcoin trading volumes have been steadily rising since its launch. In October, its volumes have hit a new all-time high with 452 contracts traded.
Notably, on Oct. 26, Bakkt traded 1,183 Bitcoin futures contracts after registering a staggering 257% volume increase in 24 hours. This also coincided with a major price move that sent BTC over $10,000.
As Cointelegraph reported earlier this week, Bakkt is also on its way to set a new monthly trading volume record. The company is also expected to launch the first regulated Bitcoin options contract on Dec. 9.