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
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
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
The past few weeks have been
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.
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