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

[Pelunize12]

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

[rodel caling]

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

According to data from Twitter-based monitoring resource Bakkt Volume Bot on Oct. 26, Bakkt traded 1,183 Bitcoin futures contracts, or 1,183 BTC ($11 million) on Friday.

Compared to just 331 contracts ($3.1 million) on Thursday, the increase in just 24 hours was 257%, dwarfing previous jumps, which themselves had resulted in all-time highs earlier in October.

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 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.

[Yaunfitda]

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 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.

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.

[BigBoy89]

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.

[Yaunfitda]

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.

[zeze18]

I think by announcing that Bakkt is collaborating with Starbuck to receive bitcoin payments, this is the reason why Bakkt volume has increased easy. on the other hand XI the Chinese president also announced that China would adopt a blockchain.

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

[royalfestus]

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.

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.

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.  

[NathanJB]

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.

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.

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.