Bakkt Hits New All-Time High, With Over 450 Bitcoin Futures Contracts Traded

Bakkt Hits New All-Time High, With Over 450 Bitcoin Futures Contracts Traded

The volume Bitcoin futures on digital asset platform Bakkt has hit a new all-time high, with over 450 Bitcoin futures contracts traded today.

Bitcoin (BTC) futures volumes on digital asset platform Bakkt have hit a new all-time high, with 452 BTC futures contracts traded at press time.

Per historical data from Intercontinental Exchange (ICE) — the operator of Bakkt — today the platform has traded 441 Bitcoin futures contracts for November 2019, with the last recorded trading price settling at $7,400 per Bitcoin. 11 futures contracts for December have been sold, with the last recorded trading price at $7,407.

Bakkt Bitcoin (USD) monthly futures contract data. Source: ICE

Bakkt Bitcoin (USD) monthly futures contract data. Source: ICE

Twitter account Bakkt Volume Bot, which carries out live tracking on the platform, indicated that the amount of BTC futures contracts is forecasted to reach 1,089 BTC by the end of the day.

EToro senior analyst Mati Greenspan also noted the contract volume surge earlier in the day. “Bakkt trading volume hits a record high. 334 BTC and counting,” Greenspan tweeted.

ICE conducts block trade of Bakkt Bitcoin futures contract

Earlier in October, ICE executed the first block trade of Bakkt Bitcoin futures contracts. ICE specified that the trade was executed between digital assets merchant bank Galaxy Digital and crypto investment firm XBTO, and cleared by agricultural commodities merchant ED&F Man. XBTO commented on the deal:

“Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took the first physical delivery of a digital asset under existing commodity futures laws and regulations. This week, we executed the first block trade. We’re pleased to report that the launch was successful and can accommodate large trades.”

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