Bakkt Bitcoin Futures Trading Volume Hits New Record of $20mln.

Bitcoin (BTC) futures trading platform Bakkt have recorded new high in daily trading volume, as per the data provided by Intercontinental Exchange (ICE).

Over $20.30 million worth Bitcoin was traded in the form of 2728 futures contracts on November 22. The recent volume reflects a 66% rise from the earlier day and is approximately 30% greater than the earlier all-time high on November 8.

Furthermore, open interest currently stood at $1.75 million, up 29% rise from previous day. Even though, it took time for the volumes to pick up after trading started in September, the volumes of physically settled BTC futures traded on Bakkt platform have been increasing consistently.

Interestingly, the latest record volume also tallies with a considerable decline in Bitcoin price, which fell below $7,000 Friday. Earlier rise in volumes have also matched with notable BTC price volatility recorded on October 25 and November 8.

As per ICE, which runs 23 prominent global exchanges, including the NYSE (New York Stock Exchange), the last traded price of Bitcoin futures (Bakkt contract) on Friday was $7,240.

Notably, Bakkt is increasing its range of Bitcoin related product offerings as institutional interest is rising.

The cryptocurrency platform affirmed earlier last week that cash-settled Bitcoin futures contracts will be provided on ICE Futures Singapore from December 9 onwards. The first regulated options contract for Bitcoin is also anticipated to be rolled out on the same day.