Bakkt Bitcoin Futures Daily Trading Volume Surges 36% to Record High

The Intercontinental Exchange (ICE) has announced today that the daily trading volume at Bakkt Bitcoin Physically Delivered Monthly Futures contracts saw a 36% increase from the previous record of  11,706 contracts reported on July 28, 2020. 

Bakkt traded 15,955 contracts on September 15, 2020, the highest daily volume the exchange has recorded in its futures contract since launch. According to Bakkt, each contract equals 1 BTC. 

ICE claimed to have designed their future contracts while having the institutional market participants in mind. This growth happens to be a very appealing one as it denotes a strong trading activity, marking a positive effect on the company’s objectives.

Trabue Bland, the President of ICE Futures U.S, made a statement in the announcement, highlighting the importance of having a strong trading activity like this, saying;

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.

ICE is a leading operator of global exchanges and clearing houses and providers of mortgage technology, data, and listing services, which was formed by 500 companies in the year 2000 with the aim of modernizing markets.

Meanwhile, the Bakkt® Bitcoin (USD) Physically Delivered Monthly Futures are listed on ICE Futures U.S. to provide market participants with a cost-efficient tool with the aim of allowing them to hedge or gain exposure to bitcoin.

The President of Bakkt also made his contributions, saying, “Since we first launched Bakkt nearly a year ago, we’ve remained committed to expanding trust in, and unlocking the value of, digital assets.”

“Our futures contracts were designed with institutional market participants in mind, and we’re pleased to see growth in terms of both volumes and the number of customers participating in this market,” he concluded.

See also: Amid Market Collapse: Bakkt Raises $300 Million In Series B Round

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Author: Caroline John

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Author: Caroline John