Bakkt, the institutional trading platform, has once again risen to heights, setting a new, fantastic record in its Bitcoin futures contracts. The volume level on the platform reached 5600 BTC in one day.
The company confirmed the rumours and news On 27 November, the company set a new record for monthly bitcoin futures contracts. During the distinguished session, Bakkt conducted as many as 4 443 transactions on BTC, which is more than 60% higher than in the previous record.
In fact, Bakkt doubled its bitcoin futures record.
After announcing these revelations, it turned out that this is not all, because a bot monitoring transactions with an unrelated company, calculated an even higher amount, i.e. 5671 BTC, in the amount of USD 42.5 million. According to “Bakkt Bot”, the previous record expressed in dollars, which took place on 22 November, amounted to 20.3 million USD, which shows that the latest record is 109% higher than the previous one.
This is both a great and very positive surprise for investors, especially since the platform’s beginnings were disappointing in terms of trading volume. Many even claim that this fact was a significant factor in the decline of BTC at that time.
Bakkt’s employees are delighted with the company’s performance and are looking forward to building on that momentum. This is important to them as they are approaching the launch of Bakkt Bitcoin Options on 9 December.
However, it is impossible not to notice the contrast between the company’s offer and the current mood on the bitcoin market. The oldest cryptocurrency in the world last week recorded a drop against the US dollar, but on the other hand, the situation we see on Bakkt may well be a sign of a reversal of the market trend.
A new era of BTC is coming
At the time when Bakkt was just starting, TradeBlock Research Director John Todaro reassured the media that we had seen quite a decent volume of trade in the product. He expressed the hope that the demand would be expressed in accordance with the current cash-settled contracts and, for comparison, exchanged the contracts offered by CME. Later, he also mentioned that digital space is still maturing and as it matures, we should expect an increase in the volume of such products in digital space.
Todaro also added that Bakkt and similar platforms should be looked at in the long term. He argued that it would take some time before they would feel familiar with the new asset class cryptographic assets, understand what cryptographic liquidity is, identify and embrace strategies to use in digital asset trading and, most importantly, also learn about the regulatory framework of the jurisdictions they operate or intend to operate.
Today, we can see that his words can be calmly considered prophetic, as Bakkt’s trading is growing strongly.