Bakkt continues to gain traction
After a slow start, Bakkt is finally starting to do close to the volumes that many had expected initially.
Yesterday, Bakkt saw close to $43 million in dollar volume traded.
That still isn't a ton compared to what the CME bitcoin futures do on a daily basis, but that more than doubled the previous high.
Check it out:
(Source:
)https://twitter.com/BakktBot/status/1199951594701434880
- BakktBot
It finally happened on an "up-day"!
Traditionally, the highest volume days on the Bakkt bitcoin futures products had occurred on days when the price of bitcoin was headed lower.
This sort of trend lead some to believe that perhaps these new institutions that were using Bakkt for bitcoin exposure were perhaps doing more harm than good.
Using the Bakkt product as a way to bet against bitcoin.
This latest volume figure though, of more than 2x the previous highs, helps put those fears to rest as it occurred on a day when bitcoin was up a significant amount.
Bitcoin futures are really catching on...
The total bitcoin futures volumes are averaging close to $10 billion in daily volume over the past month.
With 3 of the largest days ever occurring in just the past week or so:
(Source:
)https://twitter.com/skewdotcom/status/1200018870410629123
- skewdotcom
This is starting to mirror other more traditional assets classes where derivative trading eventually becomes larger than spot market trading.
This is a very interesting development and something to keep an eye on.
Stay informed my friends.
-Doc