Bakkt, the recently launched cryptocurrency derivate exchange, witnessed a rise in the trading volume of its physically settled monthly bitcoin futures. The volume hit $4.81 million on Wednesday, rising beyond the combined volume of the past nine days trading.
The hike is likely to be the result of the increase in bitcoin volatility that surfaced yesterday, as its price slumped by around 6% or more in a span of a few minutes. Currently, the total volume of Bakkt’s monthly bitcoin futures stands at $20.22 million since its launch last month.
As calculated, the average volume concludes to be approximately $0.88 million a day over the last 23 trading days.