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:
)https://twitter.com/Xentagz/status/1192189766479032325
- Xentagz
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