The institutional-grade Bitcoin futures trading platform, Bakkt, has recorded another massive trading volume on its physically-delivered monthly futures contract. More than 15,000 Bakkt’s Bitcoin futures contracts were traded yesterday, which is a significant increase compared to the last record in July. Noteworthily, the new record relatively coincides with the Bitcoin price, which slowly gained some points yesterday.
Bakkt’s Bitcoin futures hit new ATH
The development was reported today by the parent company of Bakkt, Intercontinental Exchange (NYSE: ICE). As of September 25, 15,955 Bakkt’s Bitcoin futures contracts were traded as ICE noted. The new record represents a 36 percent increase from the previous ATH, which was recorded on July 29. At the time, only 11,706 Bakkt’s futures contracts were traded.
The trading volume of Bakkt’s monthly futures contracts from July to date signals the activeness amongst institutional traders in Bitcoin investment. Notably, the biggest jump in the contract trading volume for the year was reportedly noted on July 28 at 11,506 contracts (about 85 percent increase from the previous ATH), before the record on July 29.
The President of ICE Futures U.S., Trabue Bland, said in the announcement:
“This strong trading activity is another validation of the important role that our physically-delivered contracts play for price discovery in the bitcoin market. Having a fully regulated futures market, supported by Bakkt’s institutional-grade custody, offers a more compelling opportunity for investors and others who want to take positions or manage risk in volatile bitcoin markets.”
Bitcoin is creeping to $11K
The increase in the traded Bakkt’s futures as of September 15 follows the slowly growing price of the cryptocurrency. Notably, Bitcoin has been picking some points since yesterday towards the $11,000 price mark. The cryptocurrency has continued on this path even today.
At the time of writing, the largest cryptocurrency by market capitalization is trading at $10,996.