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Bakkt Bitcoin Futures See Huge Week: Growing Institutional Interest

Nick Chong
Nick Chong
1 year ago
2 mins read

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It seems that the now-infamous China pump of 2019 has awoken something in Bakkt’s Bitcoin futures. On the day of the jaw-dropping 42% pump last week, the exchange’s futures saw more than $10 million worth of volume traded, a new all-time high for the fledgling market. 

Since then, this volume has persisted. This growth, however, cannot be conclusively pinned to the news that Chinese President Xi Jinping had endorsed blockchain technologies, which led to growth in BTC, blockchain stocks, and other assets tied to this space.

Related Reading: Crypto Market to Form Golden Cross as Bitcoin Gains Momentum Above $9k

Bitcoin Futures Market Swelling Again

According to a report from Bakkt Volume Bot, a Twitter robot dedicated to following trends in its namesake’s Bitcoin market, the past week has been undeniably strong for Bakkt. Again, since last Friday’s absolutely monumental surge from $7,300, the volume has persisted, trading millions of dollars worth of contracts a day, rather than under $1 million worth.

https://twitter.com/BakktBot/status/1190526341818585088

Of course, a daily volume average of $7 million over the past week isn’t stellar, especially seeing that this market sees hundreds of millions worth of trades a day, but it’s a start — a step in the right direction, so to speak.

It isn’t only Bakkt’s market that is signaling increased institutional interest. As reported by NewsBTC previously, as of mid-October, institutions had increasing open Bitcoin positions on the CME’s market. Institutional accounts — pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers with institutional clients — in fact, had 1,100 BTC worth of open contracts as of the time of the article’s publishing.

Related Reading: Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall

ICE CEO Optimistic About Bakkt’s

Bakkt’s strong week comes as the chief executive of the Intercontinental Exchange (ICE), the firm behind the New York Stock Exchange and much of the crypto upstart’s operations, made an optimistic comment.

According to fellow industry publication The Block, in the financial institution’s latest earnings call, Jeffrey Sprecher noted in response to a question regarding Bakkt that there is high institutional demand for Bitcoin derivatives products, as that is a way to gain exposure to Bitcoin in a way that is compliant with U.S. regulators:

“All [kinds] of financial institutions are talking to us and looking at this and trying to figure out where this fits and what the global regulators are going to think about this and so on and so forth. So there’s a tremendous amount of dialogue around it.”

Related Reading: Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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