Bakkt future platform for Bitcoin, has reached its newest all-time high with regards to its daily trading volume. The platform had its exiguous start in September and is finally attracting the interest of traders.
However, a crypto market analyst did not welcome the news the same way that the platform’s anticipators did. He reminded those who are optimistic with regards to Bakkt’s growth that the actual Bitcoin transacted on the platform remains close to zero.
Alex Krüger, a crypto market trader and analyst, is pessimistic about Bakkt’s performance in the market. He emphasized that those who are getting hyped up about the platform’s new all-time high to consider the products that the platform offers carefully.
Notably, Bakkt offers two different products, and an all-time high in the platform’s volume is not the daily physically- settled BTC futures contracts. Rather, it is monthly-settled futures that Bakkt offers at the same venue.
According to Krüger, the increasing interest in trading the product is a good thing for Bitcoin in general. However, it does not mean that organizations must suddenly want to take receipt of Bitcoin through the Bakkt Warehouse custody.
Bakkt has two futures contracts, monthly and daily.— Alex Krüger (@krugermacro) November 27, 2019
The daily settles every day rather than once a month, with physical delivery in the Bakkt warehouse. It's the one you buy if you want to buy bitcoin and store it in a regulated warehouse.
Its volume is … zero … everyday. pic.twitter.com/a1VPS1Ild7
Bakkt only had 17 physically delivered bitcoin in November
According to a Bakkt analysis service Bakkt Volume Bott (@BakktBot), the platform’s Twitter-based analysis service, revealed yesterday a record number of Bitcoin futures contract trade at a structured venue. The record stated that there is a total of 5,671 contracts traded, which amounts to $42.52 million.
ICYMI: Wednesday's Bakkt Bitcoin Monthly Futures:— Bakkt Volume Bot (@BakktBot) November 28, 2019
📈 Traded contracts: 5671 ($42.52 million, +148%) (New ATH 🚀)
🚀 All time high: 5671 (11/27/2019)
💰 Open interest: $4.16 million (+6%)@Bottlepay this bot: https://t.co/MJaZ58oPiu 🤖 pic.twitter.com/3qpbBPgmt3
The trade volume signifies a considerable amount of increase in the past all-time high of $20.3 million that was recorded on November 25. Although the increase was not that significant compared to the trade volume of leading crypto exchanges, the increase in the recent performance compared to when Bakkt was launched is noteworthy.
Many Bitcoin supporters were disappointed with the initial meager performance of the platform after its launch. But seeing Bakkt’s rising volume, Bitcoin proponents are becoming optimistic that the platform’s impact on the market is increasing again.