Despite the initial problems, Bakkt Bitcoin futures volume surged along with the latest BTC price rally. The slow start of crypto futures on Bakkt has raised some suspicion about the importance of the new trading platform. However, the recent results are telling a whole different story.
Bakkt Bitcoin Futures $11 Million volume on Friday
In the midst of the Fryday’s Bitcoin price surge, the Bakkt volume went sky high as the amount of daily trading reached 11$ million. The platform processed 1183 contracts, which is 257% more than 331 traded the day before, Twitter user Bakkt Volume Bot revealed on Saturday.
Some crypto news outlets speculate that Bitcoin reached the highest price since September 9th because of the recent changes in Chinese policy towards the blockchain technology. While that may be true, there are other factors that possibly influence the rally. Nonetheless, the bullish turnaround is more than welcomed by the crypto community.
Bakkt futures slow start
The Coin Syncom’s Friday column already covered the underwhelming impact that Bakkt futures initially had on the market. The first trading day saw only 71 BTC traded on the platform. Nevertheless, the recent surge showed that there is the potential for Bitcoin futures trading among institutional investors.
Talking about institutions, a well-known investor, Mike Novogratz stated that more custody services are bound to trigger more investments into cryptocurrencies. Bakkt also works in that direction as they are preparing to start their own Bitcoin custody option. Moreover, Novogratz’s firm, Galaxy, is planning to launch its own Bitcoin fund.
What’s next for Bakkt BTC futures?
Although the coming week may bring lower trading volumes than Friday’s, it seems that Bakkt has finally gained some traction. As a trading tool, futures serve as a price stabilizing tool. Bakkt has the potential to do the same. Especially with all the hype that surrounds it.
Therefore, we may expect Bakkt Bitcoin futures to continue growing towards the end of the year. If not by the all-time high level, then by the average weekly volume. That can prove to be a very good thing for the industry.