Bakkt, the Bitcoin futures exchange backed by the owners of the New York Stock Exchange, today hit a new all-time high in trading volume.

At the moment, 1,131 futures contracts have been traded, with the last traded price set at $8,622 per contract. Together, those contracts represent approximately $9.7 million of trading capital. The previous all-time high record, set earlier this week on Wednesday, was for 640 contracts.    

Based on these figures, the unofficial Bakkt volume bot estimated that 2,095 monthly contracts, each consisting of 1 BTC, would change hands by the day’s end.    

This week has witnessed multiple sharp spikes in Bakkt’s trading volumes. For example, Wednesday’s bump in volumes represented a 653 percent increase in volumes. They have also coincided with an increase in the contract’s price.

When it began trading in September, each monthly futures contract was worth $9,965. But a cold reception from investors meant a steady decline in its prices, with a bottoming out this past Wednesday at $7,452. The trading volume spike this morning has also resulted in a corresponding increase in contract prices by approximately 18 percent.

Why did Bakkt volumes spike? 

As with most things related to cryptocurrency, there are no clear explanations for the amplification in volumes.

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The Chinese premiere’s positive remarks about blockchain tech are said to have contributed to a jump in Bitcoin prices this morning. Typically, futures prices are harbingers of prices in spot markets. In this case, however, both markets seem to have moved in tandem.

Another possible reason could be traders moving funds between derivatives markets around the world to hedge their positions. For example, a trader might purchase futures at Bakkt to mitigate risk in a similar position elsewhere. Again, futures volumes at other markets, including those at Binance, seem to be moving in concert with Bakkt volumes.

Whatever the reason, the increase in trading volumes at Bakkt bode well

for its options product, due on December 9. Volatility in underlying futures markets for options is an opportunity for traders to make money and contributes to their popularity.