Bitcoin futures daily volumes on digital asset platform Bakkt have hit another new all-time high, once again coinciding with a major move in BTC price.
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 | 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.