- Bakkt’s monthly futures volume surged to $10 million, the second-largest on record.
- The steady growth of Bakkt’s monthly futures volume may reflect the growing interest of institutional investors.
- In addition, the rise in volume is giving analysts more reason to be bullish on bitcoin.
Bakkt’s monthly futures volume on Tuesday skyrocketed to 1,061 contracts. That number is 112 contracts short of ICE-operated platform’s all-time high of 1,183 contracts. The sudden volume surge came to the surprise of the crypto community. The last time Bakkt’s monthly futures volume spiked was on Oct. 25, the day bitcoin pumped over 18%.
Bakkt’s sudden rise in volume caught the crypto community by surprise. | Source: Twitter
On Tuesday, however, bitcoin’s price action was far from exciting. The dominant cryptocurrency traded in a narrow range between $9,169.84 and $9,474.89. Many crypto traders found it shocking that institutional investors bought over $10 million worth of bitcoin monthly futures contracts. Nevertheless, this may indicate growing institutional interest, which is bullish for bitcoin.
Bakkt’s Volume Growth Indicates Rising Interest from Institutional Investors
Following the launch of Bakkt, volume of the bitcoin futures monthly contract was far from impressive. Actually, to say that the ICE-operated company started slow would be an understatement. From Sept. 24 to Oct. 22, volume fluctuated between $1.9 million and $200,000. Many were already be calling the platform a flop.
A Ripple enthusiast calling Bakkt a flop. | Source: Twitter
Then on Oct. 23, Bakkt’s monthly futures volume rose to $4.8 million. Little did we know that it was the prelude to a mega pump of $10.3 million worth of bitcoin monthly futures contracts.
Since Oct. 23,