Bakkt’s BTC futures volume boosted the interest for the institutional investors despite bitcoin being on a downtrend lately. The price dropped from the $8,700 to the current level of $6,700 losing more than 20 percent in just a few days as we read in the previous bitcoin price news.
Despite the negative sentiment lurking amid the crypto community, the good news could spike the interest for institutional investors seem to be on the rise. Bakkt’s BTC futures volume geared up the investors and they see an increasing volume as well. Bakkt is the Bitcoin futures trading platform launched by ICE and it basically physically-settled bitcoin futures which means that the traders receive an actual Bitcoin when the contracts expire rather than cash equivalents.
This was considered to be a huge move for the market but the latter didn’t really respond to Bakkt’s launch. The platform started with a low trading volume while the price dropped days later. The volume has been increasing ever since. Bakkt saw a total of 1166 contracts traded with more than $7.84 million as each contract is worth about 1 BTC which represents an increase of more than 17% compared to the volume of yesterday. It is also important to know that the day is not over yet which means that the numbers could change soon.
The current all-time high according to the Bakkt Volume Bot is about $20.3 million contracts and it took place a few days ago on November 23rd. As seen in the charts, the volume is increasing and Bakkt is oriented towards the institutional investors so the rising interest could be a good sign that the interest of institutions is going up as well. Another product for the institutional investors is the Grayscale Bitcoin Trust since the company published the Q3 report that shows the trust reaching $171.7 million in inflows for that period.
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According to the release, this was the best quarter in terms of inflow and the price of each share from GBTC costs about $9.27 and each share represents 0.0009144BTC which means that the investors are happy to pay more even up to 39% to gain exposure to Bitcoin’s price.
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