BTC - Bakkt sees 800% increase in Contracts Traded
Bakkt is finally starting to come to life
After a lackluster start, Bakkt is finally starting to see an increase in activity on their exchange.
Bakkt launched a couple weeks back with high expectations but unfortunately very low volumes.
So low in fact that many attributed the big drop in bitcoin from $10k down to $8k mostly due to the lackluster launch of Bakkt.
Whether that was true or not remains to be seen, but there was no denying the fact that the volumes being done on Bakkt were small to say the least.
Bakkt sees 800% increase in activity
Fast forward to the end of last week and we finally started to see an increase in volumes.
In fact, Bakkt saw in increase of 800% day over day in the number of contracts traded, leading a new all time high:
Keep in mind that the day before was a record low for Bakkt, so the 800% increase is off a very low number, but still...
The 224 contracts marked the largest number of contracts traded by Bakkt to date.
The start of a trend or a one off event?
It will be interesting to see if this trend of increasing volume continues or not, but I would not be surprised if it does.
According to Tom Lee, watching the Bakkt volume is a great proxy for institutional involvement, saying:
"Watch Bakkt volumes. It is nearly a pure proxy for institutional demand for bitcoin."
Considering that the Bakkt platform is only open to institutional clients, I would have to agree with him.
If you want to know whether institutions are getting into bitcoin or not, pay attention to the volume going off at the Bakkt exchange.
Stay informed my friends.
-Doc
Very good information! I think bakkt is a great way to measure institutions activity on the Bitcoin scene. There’s no way the are going to bother with private keys and wallets and exchange deposit/ withdrawal addresses etc.
Glad to see your on the case as I wanted to look at the volume on bakkt at some point. 💯👍🏼
Yep, I have done a few posts on bakket over the past few weeks i you want to a look. The volumes in general are still extremely small compared to that of the CME. Though, in time hopefully that will change.
Yes I have, I think you told us that Michael Novogratz was one of the first people to place a trade on bakkt.
I thought that was so cool! He has really supported Bitcoin at so many different price levels. Some of the other big investors just seem like hodlers to me.
Yep, agreed. He is doing his best to make sure bitcoin sees wide spread adoption.
I wonder when the next phase of Bakkt comes into play with Microsoft and Starbucks working on some projects! That will surely get the market moving!
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Even just bakkt growing in volume should be good as it provides a gateway that may not have been there previously for some institutions.
Thanks for a glimpse into things I know precious little about, and understand even less...
- BTC Hodler
😄😇😄
You got it!
Nice to see things playing good for them let's hope the volume keeps coming in and the winter passes by for alt due to more influx of investors into the cryptocurrency markets
Yes, that sure would be nice!
nice to see the volume getting bigger at BAAKT
cheers