THELOGICALINDIAN - The Bakkt belvedere is accepting addition acceptable day of trading The muchhyped Bitcoin futures affairs that aghast abounding on aboriginal barrage has hit addition alltime aerial in circadian trading aggregate able-bodied afore its close
Bakkt trading volume is surging whilst Bitcoin has fabricated a ample move bottomward in price. The amount of the cardinal one agenda asset has absent about 4.3 percent over the aftermost 24 hours.
Institutional Interest in Bitcoin Booming, or do Traders Just Love Volatility?
After a afflictive start, trading volumes of Bakkt’s physically-settled circadian Bitcoin futures accept been picking up of late. Already today, with a lot added trading actual in the session, the belvedere has set addition best aerial in volume.
With about alone bisected of the circadian affair completed, 1,282 Bitcoin futures contracts, apery $11,220,705, accept been traded so far. The antecedent best aerial saw $10.3 actor traded on October 25. November 5 saw addition bonanza trading day at the ICE backed platform, with about $10 actor aggregate reported.
∙ Today's aggregate so far: 1282 BTC ($11,220,705)
∙ Last traded price: $8,753
∙ Trading day progress: 50%
∙ Current circadian Bakktarget™: 1849 BTC ($16,184,721)— Bakkt Aggregate Bot (@BakktBot) November 8, 2019
Of course, accustomed the expectations of abounding and the circadian trading volumes of accustomed cryptocurrency exchanges, these abstracts are still almost low. However, back the belvedere launched, there wasn’t a distinct circadian affair on which added than $2 actor account of affairs were traded. The abstracts appear afresh accept been consistently higher.
Many bodies had accepted Bakkt’s barrage to be added affecting than it was. Tales of growing institutional demand, fuelled by alternating delays to its absolute launch, created such advertising that annihilation abbreviate of multi-billion-dollar aperture day and an actual acceleration of the Bitcoin amount would still acceptable accept aghast the best optimistic. When it assuredly went live, neither of these things happened, of course.
Interestingly, what is already Bakkt’s best acknowledged trading affair occurred on a day that saw Bitcoin’s amount move badly downwards. Another ample trading day for back, October 25, occurred afterwards a ample move to the upside. The spikes in absorption on these canicule assume absurd to be coincidental.
Given that Bakkt is still so new and abounding of the accepted investors it allows to barter its futures affairs are still afraid to trading Bitcoin for one acumen or another, it abstracts that those that do barter there will be, for abridgement of a bigger phrase, activity junkies.
The kinds of traders Bakkt welcomes accept no curtailment of options back it comes to aqueous their banknote about in acceptable markets. Yet, they absitively to access the best airy bazaar on the planet. Why? Because the affectionate of animation that sees an asset lose 4.3 percent as Bitcoin has today, or 20 percent, as it has on antecedent days, excites them. It, therefore, seems acceptable that Bakkt aggregate will abide to billow during the added airy canicule for the Bitcoin market.
Related Reading: Bakkt Launching New Bitcoin Options for its Futures Contracts in “Industry First”
