Bakkt trading increases 800 percent! Bakkt trading increases 800 percent for Bitcoin futures. This is in stark contrast to what happened to bitcoin when Bakkt first launched, with Bitcoin slumping when it happened.
Bitcoin futures contracts are being traded on the Intercontinental Exchange-backer Bitcoin and Crypto Platform appears to be picking up. Over the last week, we’ve seen a daily increase of almost 800%.
As we’ve seen in the pro group for CryptoTraders Pro, we’ve seen choppy side action over the last week as we and other traders wait for direction.
“As we continue to build the Bakkt bitcoin futures contract, we reached a new trading record of 212 contracts traded [on Wednesday],” Bakkt said via Twitter.
“With [Wednesday’s] close, Bakkt set a new daily record of $1.93 million, bringing its total number of outstanding contracts to 1197 as of October 9, worth $10.2 million.”
While future contracts fell back to 109 contracts on Thursday, bitcoin and cryptocurrency traders were quick to point out the growing volume at Bakkt as a sign that institutional investment was forthcoming.
“Watch Bakkt volumes,” said Tom Lee, head of research at bitcoin and crypto data company, Fundstrat. “It is nearly a pure proxy for institutional demand for bitcoin.”
Bakkt was announced with much fanfare last year. Its parent company, the Intercontinental Exchange, boasted relationships formed by Bakkt with Starbucks and Microsoft as a promising start to open Bitcoin to institutional investors.
The big difference between Bakkt and CBOE’s futures trading contracts is that Bakkt handles physically delivered bitcoin contracts. This meant that traders and investors have to have the Bitcoin on hand to trade.
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