Bakkt’s Record-Breaking Day
In a stunning twist, Bakkt, the institutional trading platform for Bitcoin (BTC), has shattered its own records with an impressive volume of over 5,600 BTC traded in a single day! On November 27, the platform reported an all-time high of 4,443 BTC in its monthly Bitcoin futures contracts, smashing its previous record by more than 60%. You could say Bakkt is really rocking the Bitcoin boat!
Total Trading Volume Surpasses Expectations
While Bakkt announced its numbers, the non-affiliated monitoring service known as Bakkt Bot upped the ante by reporting an astronomical total of 5,671 BTC traded that day, translating to a whopping $42.5 million. To put things in perspective, just a week earlier, the previous record in dollar volume was a mere $20.3 million. That’s a jaw-dropping 109% increase! It seems folks have cash to burn.
Two Months of Trading and More to Come
It’s not just a flash in the pan; Bakkt’s monthly futures have been gaining traction over the past two months, especially after initial launch volumes drew a bit of criticism. More recently, Bakkt has ventured into the Bitcoin custody business, with exciting new financial products in the pipeline scheduled for launch next month. Talk about a bright future!
Anticipation Builds for Options Contracts
As Bakkt’s momentum picks up, the team is buzzing with excitement about the upcoming launch of their Bitcoin Options contracts on December 9th. “We look forward to building on this momentum,” they stated, a sentiment echoed by many optimistic traders. It seems the industry is gearing up for more action just as the holiday season rolls around.
Market Sentiment Vs. Institutional Enthusiasm
Now, you might be wondering: what bear market? Institutional interest in Bakkt seems to be thriving despite Bitcoin’s recent slump against the dollar. Analysts disagree on the reasons behind the market dip, with some attributing it to a wave of investor fear sparked by regulatory uncertainties from China. Gabor Gurbacs, from VanEck, highlighted that a liquidity squeeze could also be affecting the market dynamics.
Custody Preferences Among Institutional Investors
Meanwhile, recent findings from Binance reveal that over 90% of institutional investors prefer to store their crypto with trusted third parties. It seems many are taking the cautious route, backing up the idea that while Bakkt rakes in trading volumes, there’s still a palpable wariness in the market.
