Falling Bitcoin Price Results in Monthly Futures ATH for Bakkt
A lot of Bitcoin enthusiasts keep an eye on the Bakkt trading volume. Now that the Bitcoin value is dropping, it seems this platform notes a strong increase in monthly futures volume.
The information provided by the Bakkt Volume Bot on Twitter is very intriguing. It confirms how appeasing Bitcoin futures contracts on this platform are to institutional traders.
A new Bitcoin Futures ATH for Bakkt
Just yesterday, Bakkt noted the trading of 1,741 contracts. valued at just under $15.5m in total. This is a new all-time high for the company, which is somewhat of a good sign.
Compared to the day prior, this is an increase of 109%. It is crucial to note strong growth every day, albeit it seems to occur only under specific market circumstances.
In recent months, there has been some speculation regarding Bakkt’s Bitcoin futures. Many people think this company is responsible for the up-and-down movements affecting Bitcoin around the time these contracts are to expire.
When following that train of thought, this all-time high volume becomes somewhat suspicious. The Bitcoin price has shown signs of weakness again, and the interest in Bakkt futures increases exponentially.
It is still very difficult to draw any real conclusions in this regard. Claims of how institutional traders affect the value of Bitcoin have circulated for some time now.
There has been little to no evidence to back up these claims, however. As such, the current volume of Bakkt monthly futures should be considered to be a positive sign first and foremost.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow