DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
bakkt-bitcoin-futures-see-huge-week:-growing-institutional-interest

Bakkt Bitcoin Futures See Huge Week: Growing Institutional Interest

by Admin
November 2, 2019
in Other
289 3
0
Share on FacebookShare on Twitter

It seems that the now-infamous China pump of 2019 has awoken something in Bakkt’s Bitcoin futures. On the day of the jaw-dropping 42% pump last week, the exchange’s futures saw more than $10 million worth of volume traded, a new all-time high for the fledgling market. 

Since then, this volume has persisted. This growth, however, cannot be conclusively pinned to the news that Chinese President Xi Jinping had endorsed blockchain technologies, which led to growth in BTC, blockchain stocks, and other assets tied to this space.

Related Reading: Crypto Market to Form Golden Cross as Bitcoin Gains Momentum Above $9k

Bitcoin Futures Market Swelling Again

According to a report from Bakkt Volume Bot, a Twitter robot dedicated to following trends in its namesake’s Bitcoin market, the past week has been undeniably strong for Bakkt. Again, since last Friday’s absolutely monumental surge from $7,300, the volume has persisted, trading millions of dollars worth of contracts a day, rather than under $1 million worth.

Daily summary of Friday’s Bakkt Bitcoin Monthly Futures:

Traded contracts: 623 ( 81%)
Day before: 345
All time high: 1183

Follow @BakktBot for realtime updates. pic.twitter.com/OmG8AEClUk

— Bakkt Volume Bot (@BakktBot) November 2, 2019

Of course, a daily volume average of $7 million over the past week isn’t stellar, especially seeing that this market sees hundreds of millions worth of trades a day, but it’s a start — a step in the right direction, so to speak.

It isn’t only Bakkt’s market that is signaling increased institutional interest. As reported by NewsBTC previously, as of mid-October, institutions had increasing open Bitcoin positions on the CME’s market. Institutional accounts — pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers with institutional clients — in fact, had 1,100 BTC worth of open contracts as of the time of the article’s publishing.

Related Reading: Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall

ICE CEO Optimistic About Bakkt’s

Bakkt’s strong week comes as the chief executive of the Intercontinental Exchange (ICE), the firm behind the New York Stock Exchange and much of the crypto upstart’s operations, made an optimistic comment.

According to fellow industry publication The Block, in the financial institution’s latest earnings call, Jeffrey Sprecher noted in response to a question regarding Bakkt that there is high institutional demand for Bitcoin derivatives products, as that is a way to gain exposure to Bitcoin in a way that is compliant with U.S. regulators:

“All [kinds] of financial institutions are talking to us and looking at this and trying to figure out where this fits and what the global regulators are going to think about this and so on and so forth. So there’s a tremendous amount of dialogue around it.”

Related Reading: Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?
Featured Image from Shutterstock

The post Bakkt Bitcoin Futures See Huge Week: Growing Institutional Interest appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version