BTC - Bakkt volumes crush previous highs!
Bakkt futures contracts continue to gain momentum
After a lack luster start, it looks like Bakkt is finally starting to catch its stride.
The volumes the first couple weeks after Bakkt initially launched were routinely under $1 million dollar volume per day.
Now, Bakkt is consistently doing single digit millions in terms of dollar volume.
With yesterday being the highest volume day ever for Bakkt:
(Source: https://cointelegraph.com/news/bakkt-bitcoin-futures-trading-volume-just-hit-another-all-time-high)
Yesterday blew the previous highs out of the water!
The latest all time high blows the old high out of the water.
The previous high was on October 23rd, a day when bitcoin went from $7,400 to $10,400 in a 24 hour period.
The dollar volume was around $10 million on that day.
Yesterday, the dollar volume was close to $16 million.
Which was close to a 60% increase over the old all time highs!
Interesting enough, this happened on a day when bitcoin was surprisingly weak.
What does the increasing dollar volume tell us?
It most likely tells us that people are beginning to get more comfortable with bakkt.
Money flowing into bakkt may also represent new money coming into crypto as they offer a different route to bitcoin exposure than most other products.
It will be interesting to see whether the volume increases tend to coincidence more with price increases or with price decreases.
It is too early to glean much from the data, in that regard, thus far.
Stay informed my friends.
-Doc
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Thanks for sharing the news. Hopefully this means more institutions would finally pour into Bitcoin (BTC).
That said, the price of BTC recently dropped under $9K, down to about $8.8K, just as the news came in that Bakkt volumes soared to new highs.
Is the price decline simply due to technicals, or was it connected to Bakkt's somehow, you think?
Posted using Partiko Android
Good question. It may be both. Technicals deteriorating and institutions want to take advantage of what they perceive as a good opportunity to make some money.
Nobody can see the future. Beware of trading.
Buy and hodl, at least bitcoin anyways.
Good news... thanks for sharing
Posted using Partiko iOS
You got it.