Bakkt Establishes New ATH, Trades Contracts Worth $20.3 MM in 24- Hours

Bakkt

Bakkt platform has yet again hit a new ATH. A recent tweet by Bakkt Volume Bot, leading derivatives market data provider has revealed that more than $20.3 million or 2738 monthly futures contracts were traded in Bitcoin on the 22nd of November.

Bakkt Trades 2738 Contracts

Source- Bakkt Volume Bot

The new volume is 30% higher than the previous all-time high achieved on Nov. 8 . On that day 1741 contracts were traded. Also, the new volume recorded is 66% more than the volume recorded on the 21st of November. 

Source- Bakkt Bot

As a matter of fact, the open interest is also up by 29% in a span of 24 hours and is currently $1.75 million. While Bakkt had started at a turtle’s pace, there has been a gradual increase in the volume of Bakkt’s Bitcoin[BTC]  Futures. Interestingly, the new record volume is accompanied by a drop in Bitcoin price. The Bitcoin[BTC] price fell below $7000 on Friday. 

A Look At Bakkt’s Recent Developments

As reported by Coingape, Bakkt recently extended Bitcoin[BTC] custody to all institutions.  With this development, clients all over the world can now safeguard their assets using Bakkt’s enterprise-grade offering. Furthermore, it also received authorization from the New York Department of Financial Services (NYDFS) to offer Bitcoin [BTC] custody to all institutions. 

Earlier, this week the platform also confirmed that it will be offering cash-settled Bitcoin futures contracts on ICE Futures Singapore as of Dec. 9. The new Bakkt Bitcoin[BTC] cash-settled monthly futures will enable investors to “gain or hedge exposure in bitcoin markets.

Interestingly, the first regulated options contract for Bitcoin will also be launched on the same day. The options contract will be based on the Bakkt Monthly Bitcoin Futures contract. Interestingly, options will be available on the Bakkt platform a month before the launch of options on the Chicago Mercantile Exchange. 

The fees has been set at  $1.25 per options contract where 1 contract is 1 Bitcoin. Also, the contracts will be margined contracts and the platform will allow for cross-margining with underlying futures contract.

When will the platform establish a new ATH again? Let us know, what you think in the comments below!

The post Bakkt Establishes New ATH, Trades Contracts Worth $20.3 MM in 24- Hours appeared first on Coingape.