Bakkt Bitcoin Futures Contracts Top $10 Million in Daily Volume Again

[cheezcarls]

It looks like Bakkt is on a roll again. I remember during the time we anticipated Bakkt's impact on Bitcoin futures trading, it was the other way around. Instead of expecting the bull run, Bakkt had a bad start and the market turned bearish.

However, as weeks have passed, Bakkt's daily trading volume continues to grow slowly. For me, I think it's a healthy growth and may likely continue that momentum in the long run.

From the news site, and I quote:

"Since launching in September, all eyes have been on Bakkt and its physically-settled Bitcoin futures contracts to see if the institutional uptake would be as significant as expected. There may have been a little too much hype, but recent spikes above $10 million in daily trading volume could mean that Bakkt is finally breaking into its stride.

Towards the end of October, Bitcoin futures contract volume hit its all-time high of $10.3 million, more than doubling its previous all-time-high of $4.8 million. On Tuesday, the $10 million mark was once again breached with the past ten days showing markedly better performances than the opening weeks of the future’s platform."

To read the full news, go here.

I know that it might not contribute very well to Bitcoin's price hike, but the volume itself could be the key for long-term adoption and may expect more institutions to explore Bakkt Bitcoin futures trading. It's just my own thoughts, you know? But I wanna know your feedback about this one guys.

Cheers and have a nice day ahead!

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[avikz]

That was well expected! Since Bakkt launched something very drastically different than any other market rolling product, they had a slow start! But when the traders and investors started understanding the enormous opportunity Bakkt is providing to them to trade on a volatile yet profitable asset like bitcoin, Bakkt started gaining the momentum! $10 million is just nothing! It's just a month old instrument and has a long way to cover! Don't get surprised! But I want to contradict to your below statement,

I know that it might not contribute very well to Bitcoin's price hike, but the volume itself could be the key for long-term adoption and may expect more institutions to explore Bakkt Bitcoin futures trading. It's just my own thoughts, you know? But I wanna know your feedback about this one guys.

How do you know that Bakkt is not contributing to the growth of bitcoin? Bakkt is the only industrial-scale bitcoin futures contract platform with physical settlement. Any trader can either square off their trade or take physical delivery of the bitcoin based on the contract price! I am sure you see it now!

[cheezcarls]

That was well expected! Since Bakkt launched something very drastically different than any other market rolling product, they had a slow start! But when the traders and investors started understanding the enormous opportunity Bakkt is providing to them to trade on a volatile yet profitable asset like bitcoin, Bakkt started gaining the momentum! $10 million is just nothing! It's just a month old instrument and has a long way to cover! Don't get surprised! But I want to contradict to your below statement,

I know that it might not contribute very well to Bitcoin's price hike, but the volume itself could be the key for long-term adoption and may expect more institutions to explore Bakkt Bitcoin futures trading. It's just my own thoughts, you know? But I wanna know your feedback about this one guys.

How do you know that Bakkt is not contributing to the growth of bitcoin? Bakkt is the only industrial-scale bitcoin futures contract platform with physical settlement. Any trader can either square off their trade or take physical delivery of the bitcoin based on the contract price! I am sure you see it now!

About that statement, I'm talking about Bitcoin's price, not the volume itself. I had a feeling that Bakkt isn't the reason why Bitcoin spiked from $7,700 to $9,300. I didn't even think China's pro-blockchain statements also helped Bitcoin's price to pump. That's what I mean.

[Expecto]

Bakkt is better than the time it was first launched now. When it will start to meet the expectations in the future, Bitcoin price can be affected positively thanks to that too. Bakkt is growing slowly but decisively now.

[kryptqnick]

It looks like Bakkt is on a roll again. I remember during the time we anticipated Bakkt's impact on Bitcoin futures trading, it was the other way around. Instead of expecting the bull run, Bakkt had a bad start and the market turned bearish.

However, as weeks have passed, Bakkt's daily trading volume continues to grow slowly. For me, I think it's a healthy growth and may likely continue that momentum in the long run.

From the news site, and I quote:

"Since launching in September, all eyes have been on Bakkt and its physically-settled Bitcoin futures contracts to see if the institutional uptake would be as significant as expected. There may have been a little too much hype, but recent spikes above $10 million in daily trading volume could mean that Bakkt is finally breaking into its stride.

Towards the end of October, Bitcoin futures contract volume hit its all-time high of $10.3 million, more than doubling its previous all-time-high of $4.8 million. On Tuesday, the $10 million mark was once again breached with the past ten days showing markedly better performances than the opening weeks of the future’s platform."

To read the full news, go here.

I know that it might not contribute very well to Bitcoin's price hike, but the volume itself could be the key for long-term adoption and may expect more institutions to explore Bakkt Bitcoin futures trading. It's just my own thoughts, you know? But I wanna know your feedback about this one guys.

Cheers and have a nice day ahead!

Well, would you look at that! I thought Bakkt was doomed after its first very unfortunate week. I really did not believe it would grow so much! I am still not sure whether it's a good thing or a bad thing, though. I fear that futures might turn people away from the real, volatile yet free market of Bitcoin since with futures you don't have to worry about those things. And I know that Bakkt is more than just Bitcoin futures, but I am just not sure. At the same time, it can be a way for people to get to know Bitcoin more, it could make more people familiar with it, and that's a good thing.

[jostorres]

That is just a common human mentality for you, we are so used to always attributing negativity to projects around us when we just see some slight coincidence, it was easier to carry news by people that it was bakkt that crashed the value of bitcoin because it coincided with when the bakkt was released, but we forget or they forget to also attribute the recent rise of bitcoin to same bakkt because it also coincided with the time that their trade volume also increased which many people figured out just like you figured out this one too, but they never carried it.

The bakkt has never had a negative influence on the value of bitcoin and I still believe so much that in the long run as the trade volume increases, the effect of it on bitcoin will start becoming so significant.

[Eugenar]

Bakkt might not be spiking in its initial release, but most of the best projects and platforms start and gain development slowly as they are making their step and plan to succeed as if it is expected. the 10million is quite already high for a newly launched platform, though it seems possible that Bakkt will achieve its goal in just a short span of time.

Possibilities can also be read in here: https://cointelegraph.com/news/bakkt-futures-can-possibly-predict-halving-impact-on-bitcoin-price

[Willitivity]

BAKKT is really showing good developments and sustainable growth. Even though it didn't come with the pump as we all expected but I believe in the long run, it will gradually build up the price alongside more adoptions. Bakkt will be a good factor that will play a critical role in the next bull run.

[DeathAngel]

I’ll be interested to see BAKKT’s figures when we get into the real bull run. That’s what they’re aiming for, they’ll take in huge numbers and be a great & safe tool for institutional investors.

[ilovealtcoins]

Bakkt opens up investment opportunities for professional traders.  A spike in the volume of Bitcoin is a good move, which means they are also seeing Bitcoin as an option to diversify their investments.  If bitcoin is traded stably and is considered an asset traded like any other commodity on the market it is likely that this will accelerate the value growth cycle in the near future.  But the biggest problem with bitcoin is price manipulation.  I will continue to observe their price action.

[Kyraishi]

Honestly, not what I expected at all, they had such a slow start I thought they would just eventually die off and they wouldn't get a lot of attention... Glad to see I was wrong in fact.

It's showcasing a lot of fast and sustainable growth, I wonder how much of that is BTC trades from institutional investors because wasn't that one of its goals? Attract more institutional investment.
 
I would also love to see how they would compete against other exchanges in a bull market.