- Bakkt physical Bitcoin futures trading volumes set a new daily record of USD 37.45 million this week
Bakkt physical Bitcoin futures launched on 23 September and started off with low volume, but two months later the market is coming to life, with a new record daily volume of USD 37.45 million.
A chart of Bakkt’s daily volume history shows that during the first month the volume never exceeded USD 2 million on any given day. Then on 23 October, volume neared USD 5 million, and just two days later, volume exceeded USD 10 million. These volume spikes in late October seemed to have jumpstarted Bakkt, and throughout the month of November volume has been steadily rising with numerous days in excess of USD 10 million. And now, this new record of USD 37.45 million was marked on 27 November.
There is a saying that liquidity begets liquidity, meaning that as soon as a market begins to have some trading volume and liquidity, it attracts other traders, and then the liquidity and volume increase even more. Indeed, an exchange with higher liquidity and volume can handle traders that need to move larger amounts of money.
Bakkt is the first physical Bitcoin futures exchange, meaning contracts are settled for actual Bitcoins on a daily basis. It has been speculated that Bakkt would help increase Bitcoin’s price via increasing demand, and it will be interesting to watch if that begins to happen as trading volumes continue to grow.
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