Bakkt just saw its second highest volume day since launch
The price of bitcoin has been relatively subdued over the past few days, but don't tell that to Bakkt.
As the day closed on November 5th, Bakkt recorded its second highest volume day ever.
Only a stone's throw away from its all time highs:
(Source: ~~~ embed:1192189766479032325) twitter metadata:WGVudGFnenx8aHR0cHM6Ly90d2l0dGVyLmNvbS9YZW50YWd6L3N0YXR1cy8xMTkyMTg5NzY2NDc5MDMyMzI1KXw= ~~~
This was all the more interesting in that the all time high volume day came on a day of wild price swings for bitcoin.
The all time high in terms of volume came on October 25th, the day bitcoin went from basically $7,400 to $10,400 in a single day.
There haven't been any volatile price moves like that around this huge volume increase.
Yet here we are, recording the second highest volume day ever.
Not only that, but the open interest in the contracts has been steadily increasing as well:
(Source: https://bitcoinist.com/bakkt-bitcoin-futures-second-best-volume-day/)
Bakkt seems to be establishing itself
This is exactly the kinds of things you would expect to see from a platform and a product that is gaining traction/adoption among investors and traders.
It's steadily growing.
Also, there is a good chance that Bakkt activity is a proxy of sorts. It likely represents new money coming into crypto, which is why I think it is so important to pay attention to.
Institutions that are not able or comfortable with unregulated crypto exchanges can feel right at home with products and custodians they have used in the past by going through Bakkt.
Onwards and upwards.
Stay informed my friends.
-Doc
i think if you hold it for 7 months after the halving you could stand to do very very well from where we are now and some of the alts will totally outperform BTC percentage wise
good post JR and have a good night
Yep. I could see that as well. The next 18 months should be pretty good for btc and crypto. We are about to find out.
Bitcoin is on the verge of a big breakout and BAKKT is certainly helping the cause. Everyone that hodls for the next 6 months will be greatly rewarded
I think so as well, though I think it may take a bit longer. I am thinking anyone that holds for the next 18 months will be greatly rewarded.
Thank you for saving me the time of going to look at BakktBot. Do you think this means there’s a big move coming or more that institutions are getting comfortable with Bakkt?
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I would guess more of the latter. But who knows, perhaps they load up in the futures markets and then manipulate the spot prices up?! Pretty sure that is what they did on the way down in 2018...
interesting news
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Thanks.