CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin’s consolidating price has proven to be a good sign for the traders to begin accumulating. This trend is also gaining strength among Institutional players as Bakkt noted record daily trading volumes.
Institutional investors and their interest in Bitcoin futures are driving growth on derivatives exchanges like the Chicago Mercantile Exchange and Bakkt. Interestingly, the Bakkt Bitcoin futures volume hot a new high of $172 million in physically-settled Bitcoin, as per data provider Skew.
“Another record day in the books for our physically delivered futures:
15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high Chart with upwards trend.”
Source: skew.
Bakkt’s Bitcoin futures reported minimal activity for the longest time in 2020 and has finally shown an increase in volume, suggesting the institutions may be warming to the current Bitcoin market. However, its volume lags compared to CME, which was reporting a daily volume of $262 million on 16 September. While other prominent retail derivatives exchanges like Huobi and OKEx.
Although the daily volume of physically-settled Bitcoin was at a peak, according to another data provider, Ecoinometrics noted that “the number of Bakkt contracts held for physical settlement in Bitcoin at the end of each month is not growing.”
Volatility, Volume, and Value
Bitcoin futures witness great action, but the 7-day volatility of the coin went down to levels unseen since the end of July. Even though a slight spike in price increased volatility, this low volatility phase was not seen in the Bitcoin market too often. Data researcher, Arcane suggested that low volatility could be an indication that Bitcoin will start moving soon.
Whereas the Bitcoin volume suffered another drop and was almost halved in a week. Even as the price climbed higher on the price ladder, the spot market needed to witness more on-chain activity to support a potential recovery for the leading crypto.
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
