Bakkt’s monthly futures volume on Tuesday skyrocketed to 1,061 contracts. That number is 112 contracts short of ICE-operated platform’s all-time high of 1,183 contracts. The sudden volume surge came to the surprise of the crypto community. The last time Bakkt’s monthly futures volume spiked was on Oct. 25, the day bitcoin pumped over 18%.
On Tuesday, however, bitcoin’s price action was far from exciting. The dominant cryptocurrency traded in a narrow range between $9,169.84 and $9,474.89. Many crypto traders found it shocking that institutional investors bought over $10 million worth of bitcoin monthly futures contracts. Nevertheless, this may indicate growing institutional interest, which is bullish for bitcoin.
Following the launch of Bakkt, volume of the bitcoin futures monthly contract was far from impressive. Actually, to say that the ICE-operated company started slow would be an understatement. From Sept. 24 to Oct. 22, volume fluctuated between $1.9 million and $200,000. Many were already be calling the platform a flop. Then on Oct. 23, Bakkt’s monthly futures volume rose to $4.8 million. Little did we know that it was the prelude to a mega pump of $10.3 million worth of bitcoin monthly futures contracts.
The monthly ADP labour market report showed that America created 192K new jobs in April, above…
Bears showed strength ahead of the FOMC decision. U.S. indices sagged on Tuesday as investors…
Market Picture Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…
- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…
- GBPAUD reversed from key support level 1.9135 - Likely to rise to resistance level…
Silver has lost 2.6% since the start of the day on Tuesday to $26.4 per…
This website uses cookies