ICE-backed futures exchange Bakkt announced that it hit a new daily record after trading 1,183 contracts. 

The number of Bitcoin futures contracts traded on Friday was significantly higher relative to only 331 contracts traded on Thursday. This is a 257% increase within 24-hours, exceeding previous gains that resulted in all-time highs at the beginning of October. 

One contract is equivalent to a Bitcoin, which implies that the total volume was approximately $11 million. The record trading coincides with the recent surge in Bitcoin that saw its price jump 40%. The surge in Bitcoin set some excitement among traders, with many running back to the exchanges to get a piece of the pie.

The exceptional performance of Bakkt was also due to comments from China’s President Xi Jingpin. President Xi urged China to take a leading role in embracing blockchain tech. Following the news late last week, Bitcoin surged to hit highs of $10,500. 

Bakkt trading hitting new highs

The past few weeks have been merry for Bakkt. Its Volume Bot on Twitter reported on October 24th that they hit a new all-time high after trading 640 contracts. At the time, it was the second record high hardly 85 days since the platform launch. 

In September, when Bakkt launched its first day, it had traded only 71 BTC, which was equivalent to $700,000. Experts had started drawing criticism towards the platform, considering there were high hopes regarding the launch of Bakkt. Despite the skepticism, the platform has shown that it can sustain steady growth.

Bakkt has plans to launch its Bitcoin options contracts around December. This will enable the platform to capitalize on the BTC markets as well as bring more to the market. The BTC options contract will be the first regulated crypto options contract. Already the Commodity Futures Trading Commission has given approval to Bakkt to go on with the launch. 

Institutional adoption slowly picking up

Going forward, there is optimism that institutions will continue offering support for Bitcoin. Mike Novogratz of Galaxy Digital has predicted that the advent of custody solutions for traders will most likely increase influx. However, some experts have indicated that since Bakkt offers physically settled contracts, it is making institutional investors adopt slowly. Crypto trader Alex Kruger affirms that such contracts are not popular traditionally among investors since 98% of traditional market contracts are not physically settled.