Bitcoin Forum

Bakkt’s Bitcoin Futures Volume Explodes 260% to Trade $11M in 24 Hours


https://cointelegraph.com/news/bakkts-bitcoin-futures-volume-explodes-260-to-trade-11m-in-24-hours

Do you guys think though that since Bakkt has been having an all time high volume tradings, will the positive sentiments will spill to the alt market right now? I mean alt market needs some catalyst, so I'm thinking that this whole Bakkt entering the picture could push the price further and possible that it can have domino effect in the alts?

What are your thoughts about my theory?

I’m very optimistic that BAKKT’s pump could possibly contribute to most awaited bullrun, the news are very timely that triggers positive sentiment among traders. If we can have a healthy market until the end of the year then its a good sign hoping it will pull the altcoin prices too.

I hope Bakkt volume increases more it could entice more institutional investors or big companies to invest in bitcoin. $11m is very small because Bakkt is the only providing such product in the US right now.

One thing is guarantee. Bitcoin price will pump until halving. Bakkt showing some really juicy volume compared to the volume in there opening. But sadly, Altcoin future is not guarantee with Bakkt volume improvement since Bakkt offering BTC contract and investors there can't used that BTC to buy altcoins. We need bitcoin ETF to be approved so that institutional investors can enter large amount of money and BTC that can be use to buy altcoins.

Maybe because Bakkt's volume has risen dramatically, making bitcoin prices stable, but is Bakkt much awaited by traders? I think we just need to wait for what will happen, every time there is any news, including Bakkt, it will not affect Altcoin, maybe this season is not the actual altcoin year.

Currently. Bakkt is the only gateway for institutional investor to invest in BTC via physical contract. So it's really a big deal on BTC only. Altcoin will gonna be pull down once BTC price will continue to rise.

Both ways are possible. It is possible that the altcoins will take the toll of a bullish Bitcoin. It is also possible that the altcoins will somehow gain the trust of investors as Bitcoin is gaining more of their trust as well. What is most likely to happen is that Bitcoin will continue dominating the market while reaching higher and higher price levels. And while this goes on, the altcoin market will be in red. But once the bullish rise of Bitcoin will stop and the correction will happen, the altcoins will do their own bullish growth.

I think that's already happened.  Bitcoin jumped quite a bit, tho it dropped back down somewhat, and the altcoins I follow have all gone up and followed what bitcoin was doing.  That's about what I expected when btc started to move, but I'm sure not all altcoins have behaved that way.

And I bet you the Bakkt theory as to why the market boomed in the last couple of days is correct, and I've been saying as much since it happened.  Traders on Bakkt are probably betting that bitcoin's price is going to be higher whenever the options contracts expire, which drove up the price in anticipation.  I can't think of another reasonable explanation for what we saw, nor am I complaining about it.  I'll take gains any way I can get them.

Bakkt Bitcoin futures exploded because of positive sentiment came from our recent news, we have gotten a lot of positive news from every side. Causing people to regain back their positive sentiment and pushing the price up. The price has not been consolidated yet that means we might see another action in the future either it is dump or pump, Bitcoin pump will become a catalyst for altcoin but it needs time to stabilize the price.

If we back to the BAKKT's mechanism and that must bring a lot of positive sentiments toward the crypto market. BAKKT has been exploding just in a short time and remembers the major countries like china is putting main consideration to take blockchain as its core to further development.
The blockchain industry is getting a very good sentiment and i thought if crypto as a system that is also using blockchain must follow that sentiment too.
BAKKT can push the price even further.

I believed all these yardsticks and factors ( Bakkt futures volume increment and president XI jinging pronouncement on blockchain) culminated and accelerated the recent pump in the price of bitcoin, altcoin price will also be driven upward and new ICOs will have the confidence of new investors as the market is turning green more funds might be pump in the crypto market all indications are positive signals of the market outlook as the year is coming to end.

That's what I've always been saying about Bakkt. Because it didn't had the dream start we all hope it would doesn't mean we should write them off. Bakkt will play a pivotal role to get more institutional investors on board. I bet we would see more interesting stuffs from bakkt as I predict the interest in Bitcoin would go haywire just before the upcoming block reward halving event. Let's get ready for an interesting ride. Will be keeping an eye on bakkt.

I really love how BAKKT futures is playing out, slowly and gradually. At first, it didn't go exponential like CME futures which faded off in a short while. I like this build up from BAKKT. And with more people beginning to look in that direction, pro traders in BAKKT must have anchored on Bitcoin going higher and this explains the pump of few days back which is still maintaining.

Why not? It Bakkt futures will continue to spike in the next couple of days and see the price of bitcoin going five digits, then it could have a positive effects on the altcoin market. As altcoin investors might think that something might happen, like a mini bull run of sort up to the end of the year prior to the much anticipated bitcoin block halving.

imo this is a really good sign yupp :)  i agree with your theory
of course being a fairly unregulated market yet, i still think theres many outside whale forces that will really decide
and most people have no way of telling what or where those forces are, we only notice when BTC goes up 1k in a few hours haha

Everything that went too fast, also fast to gone like how ATH 2017 , so Bakkt continuously developing and gaining supporters will help bitcoin in uptrend without fearing if some news that might happen along it's development since it already established some traders that sees it's benefit. It all starts on a little movement till it finally gain it's potential that we all expecting when its launch few months ago.

Hopefully this trend will continue, because the whole crypto community had huge hopes about Bakkt launch and it failed totally. Things are getting better, but Bakkt was planned as something massive and the first signs are there.

Bakkt trading volume increase will not be the catalyst you are looking for. Bakkt is aimed at institutional investors and the trading is already leveraged so no need to look for an unknown altcoin to risk their money.

Altcoins need Bitcoin to break ATH price to bring in new investors interested in a coin that can deliver insane amount of profits without needing tto use leverage trading.

I have read different stories on what could be the cause of the recent surge for bitcoin, and I think the most popular one is concerning the interest of china president in blockchain technology which was declared by him in a media news, and we all this this could be the cause and this could have actually drawn volume to bakkt itself.

For bakkt, something must have actually triggered their own trade volume also, because when bakkt started, they started with just 7 btc, and the moment they entered the market was when bitcoin dropped  in price them, so for the volume to have become this high which I was quite surprised about, I don’t have any much of explanation to it, but it could also be the reason too we had this surge, we really can't tell.

I hope their volume continues to increase. this will be very helpful when the market starts a reversal. maybe bakkt will be one of the pumps to increase prices btc later. and when bitcoin goes up, altcoin will sooner or later have an impact. and when that happens, maybe it's the best time to invest.

Bakkt is a bitcoin future platform, not an altcoin. so i think it would never effect to any altcoin price or wouldnt be its catalys

altcoins need other catalys, imo the most catalys is altseason lol, altseason happen when many people starting to FOMO

the FOMO started when many people wonder about crypto, and crypto is exposed when bitcoin price reach new ATH

you can recognize that sequence, that's my opinion

I positively that 260% volume will probably I expect more than, if hear the lates news about the parthnership of bakkt and one of the world famous coffee shop store starbucks that plan can help for the bakkt to continues to increase the volume demands.

That's the positive experienced mate, so let's see who will the market will react again if the future expires again. I just checked the volumes in the last 3 days, its seems back to normal though, https://twitter.com/BakktBot

Of course I'm very optimistic that it can have a positive effect on the alt market too and I do hope that my theory will be somewhat correct so that we can see altcoin gaining some ground because investors are very reluctant to throw their money in the alt coin market because of uncertainty.

I'm not so optimistic and I wouldn't call it 'exploding'. IMO currently this is not influencing Bitcoin price at all.

As we can see from the article graph, compared to the previous days it's a significant increase. But Bakkt’s volume is still negligible compared to 25B daily BTC/USD alone. I will be happy and call it news when I see the volume over 100M+ for at least 10-15 consecutive days.

Ok fair enough, but I guess the point is that Bakkt experience a renewed interest from investors that's why it reaches it's all-time-high. 10-15 days might be far too stretch though, we are not in a bull run yet, maybe those numbers will add up next year when we start to take off again.

@pamsugas - partnership with Starbucks will start on December if I'm not mistaken. So I don't if we have seen the impact already. Lol, Chinese government has nothing to do with Bakkt so I don't know why you insert their President in the discussions.

Yeah partnership with 2 biggest company in the world microsoft and starbucks made the investors are not doubt to invest in this future alts. It has many upcoming events in the future and i think this is gonna be the biggest rival for ethereum in the future. People are starting to see cryptocurrency world since cryptocurrency hook a lot of big companies to their projects.
It's a great start for the world of full cryptocurrency in the future

I was also wondering how did we get to altcoins from Bakkt,even bitcoin, for now is not enjoying a smooth cruise on the platform. Its a start any way and 2020 could bring more coins. ETF may never be approved for bitcoin in a long while maybe some stable coins in the nearest future could get their approval.  

Stablecoins approved for ETF? That is totally useless and unnecessary. It is either Bitcoin-backed Exchange-Traded Fund (ETF) or nothing at all. But then who needs this ETF? This was just made to hype Bitcoin and when it was rejected many times, it was also used to spread FUD on Bitcoin. This is not necessary at all. 2020 is promising for Bitcoin whether there is or there is no ETF approval.