Bakkt’s hits all-time high. Again.

[bitcoinst]

Bakkt’s bitcoin futures market hits all-time high after months of trailing rival CME

Crypto derivatives provider Bakkt has recently gained some ground in the market for bitcoin futures.

The firm, which is set to launch a retail trading app in the coming weeks, has long trailed CME in daily bitcoin futures trading volumes. In recent days it has gained momentum.

According to data from The Block, Bakkt clocked in $173 million worth of notional trading volumes on Tuesday—an all-time-high. By way of comparison, volumes for CME's bitcoin futures stood slightly above $383 million on Monday, according to data from Skew. Over the course of the last three months, Bakkt's daily volumes have struggled to top $100 million.

In terms of the amount of bitcoin traded on Tuesday, the firm clocked in an all-time high of 15,995 bitcoin. Unlike rival CME, which has a cash-settled product, Bakkt's futures settle in physical bitcoin.



Editor's note: This piece has been updated to include accurate CME bitcoin volumes

https://www.theblockcrypto.com/linked/77872/bakkts-bitcoin-futures-market-surges-after-months-of-trailing-rival-cme

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[avikz]

Increase in volume under Bakkt platform is good for the market in terms of liquidity. However, is there any way to know where people are betting the most? I mean what is the ratio between call and put volume? Is there any way to know?

If the above information can be deciphered, it would give traders an edge over their upcoming trading decision because they will know the general mass sentiment around bitcoin's price movement for the future. Not necessarily it will be true everytime, but will definitely give a good overview on the market sentiment.

[Expecto]

Back in the days, Bakkt wasn't seen promising and it was like there was no future for it. But it seems Bakkt proves the people who thinks like it wrong. Thanks to this, the market can also take some boost from this news.

[Jating]

Hmm, there was so much hype around Bakkt when it launch, unfortunately, it didn't live to it's hype and we totally forget about them, Lol. But I think it also hits an all time high prior to the pandemic and then obviously, it decline because of the situation.

One thing to note though, is that it coincides with the recent spike in the price of bitcoin, so perhaps it has some positive effects to the market. But let's see, usually when Bakkt hits all. time high, it comes on successive days, so let's wait if this pattern will continue and if it will also contribute to $11k or more in the next coming days.

[logfiles]

If the above information can be deciphered, it would give traders an edge over their upcoming trading decision because they will know the general mass sentiment around bitcoin's price movement for the future. Not necessarily it will be true everytime, but will definitely give a good overview on the market sentiment.

Or it could just do the opposite, If big players in the market could get to accurately know about the market sentiments. They could manipulate the price and lay traps for the not so well-informed trader by anticipating and moving the market in the opposite direction.

Hmm, there was so much hype around Bakkt when it launch, unfortunately, it didn't live to it's hype and we totally forget about them, Lol. But I think it also hits an all time high prior to the pandemic and then obviously, it decline because of the situation.

The timing was bad, those were the days of crypto apocalypse so people were expecting Bakkt to be some sort of Savior but ended up getting disappointed.

[bitcoinst]

Hmm, there was so much hype around Bakkt when it launch, unfortunately, it didn't live to it's hype and we totally forget about them, Lol. But I think it also hits an all time high prior to the pandemic and then obviously, it decline because of the situation.

One thing to note though, is that it coincides with the recent spike in the price of bitcoin, so perhaps it has some positive effects to the market. But let's see, usually when Bakkt hits all. time high, it comes on successive days, so let's wait if this pattern will continue and if it will also contribute to $11k or more in the next coming days.

You're right. I remember how everyone waited for the launch of the platform, waited for a whole year and believed that this is the very holy grail that will bring back the "crypto spring". The wait began in mid-2018. However, after its launch, nothing happened. Quite a long time has passed now, but apparently the BAKKT does not influence the market too much. Nevertheless, it's nice to know that the tool still exists and is gaining momentum. Where this will lead, who knows.