The institutional Bitcoin (BTC) trading platform Bakkt is in the crypto news today for trebling its all-time high for trade volume. The Bakkt BTC futures volume has ballooned by 260% in the past 24 hours – right after hitting new records last week.
According to data from the Twitter-based monitoring resource Bakkt Volume Bot on October 26, the Bitcoin futures contracts which were traded exceeded 1,183 BTC. When translated in US dollars, this means more than $11 million being traded on Friday.
If we compare the Bakkt BTC futures volume to just 331 contracts or $3.1 million which were traded on Thursday, the increase is visible and translates to exactly 257%. This dwarfs previous jumps, which themselves have resulted in new all time highs earlier this month.
At press time, the Bitcoin news updates show that the daily trading amounted to 240 BTC ($2.3 million) with the majority of the trading days still to come. The performance of Bakkt clearly benefited from the news that China had opted to officially embrace blockchain technology. When the news broke late last week, Bitcoin reacted immediately and went to reach local highs of up to $10,500.
What’s obvious is that the spike in the Bitcoin price also spiked the volume of the Bakkt BTC futures to go up. As our leading crypto news site reported back in September this year, opinions were split on Bakkt’s futures and their launch. Day one after the launch (and despite the excitement) we could see only 71 BTC (around $700,000 at the time) being traded.
Thereafter, the Bitcoin price volatility saw the company field criticism that was pressuring the markets. One executive was in the news as well, telling the media that Bakkt BTC futures are what helped the Bitcoin price recovery – and discovery.
In the near future, it is expected that the new record for Bitcoin futures trading will be again hit. Most importantly, industry figures expect institutional tools to continue with their support towards Bitcoin (BTC). Specifically, the appearance of custody solutions for investors should spur additional influxes. This was what Michael Novogratz forecasted in an interview last week.
Bakkt is also preparing for the launch of its custody service.
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