Cryptocurrency

New Record High! Over 10 million daily volume in Bakkt Bitcoin Futures contracts

Since the launch in September, the cryptographic Community had all eyes on Bakkt and the physically settled Bitcoin Futures contracts. The big question was: Is the institutional interest can be as significant as expected? Granted, there was plenty of Hype – the most recent peak values of over US $ 10 million daily Trading volume is likely to be an indication that Bakkt finally comes into full swing.
At the end of October, the Bitcoin futures contract volume reached an all-time high of 10.3 million $ and almost doubling his previous AZH 4.8 million $ generous. On Tuesday, the 10-million-Dollar mark was exceeded again, with the last ten days showed a significantly better Performance than the first few weeks of the Futures platform.
Note: After some time has passed and the pattern develop, the Futures contracts are relatively reactive on the Bitcoin price. For the first Time Bakkt exceeded on 25. October, the 10-million-Dollar-volume brand, as a Bitcoin moving in the direction of the $ 10,000 back.

Bakkt gets a decent Boost

Although there were around the introduction of Futures-Trading-platform Bakkt any amount of Hype, the Performance was already to the beginning of the bad.
From the introduction to the 23. October was not able to the volume, not to exceed more than two million dollars in one day – on the lowest level of only $ 200,000 were traded. Why the power of the platform corresponded to the generated Hype? Unclear. But more and more often, it was just patience.
In retrospect, now that the Futures contracts could not generate much vapor, while the Bitcoin price was quoted at the same time with a little more than $ 8,000, it is quite flat. A price decline was a jump ahead of gen is $ 10,000 – and suddenly the contract was booming volume.
The top value of Tuesday, with more than 10 million US dollars, the volume was set with 1061 traded contracts though, are only 122 less than in the record of Bakkt.
This kind of Upticks, not only for Bakkt and the platform is good news, but also for the spread of Bitcoin among institutional investors.
The recent developments may have made investors back to the crypto industry. Essential for according to institutionally-oriented platform, however, is whether it can maintain the volatility of the Bitcoin price in the future, an upward trend or not.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.