Bakkt Sets New Volume Record After Bitcoin Price Drop
Bitcoin (BTC) has been down to less than $ 9 Despite this decidedly bearish performance, which some analysts believe could have bearish consequences, Bakkt’s Bitcoin futures market has been buzzing with activity.
Bakkt Volume Bot, a Twitter account that tracks the data of the stock market, reported that on Friday, Bakkt contracts worth 1 741 BTC has traded. This is approximately $ 5 million biggest trading day of Bakkt.
∙ Today’s volume so far: 895 BTC ($ 15, 486 195)
Tra Last traded price: $ 8, 895
∙ Trading day progress: 195%
Daily Current daily Bakktarget ™: 1976 BTC ($ 24 580 138)
– Bakkt Volume Bot (@BakktBot) November 8 2019
This statistic was confirmed by the stock exchange itself, which tweeted enthusiastically towards the end of the trading session on Friday:
“Today we traded with 1 Bitcoin Futures contracts set a new daily record. “
Institutions that put Long on Bitcoin
The relatively high volumes of Bakkt have emerged as institutions have begun to build long positions through regulated contracts. Skew Markets found that institutional long positions on the Chicago Mercantile Exchange’s bitcoin futures market have reached a monthly high, with contracts worth around 1. BTC settled. This is more than five times higher than at the end of September.
Skew added that institutions now place long positions on
What’s next for BTC?
Institutional crypto investors may go long, but what do the charts predict next for Bitcoin?
According to a Bloomberg columnist, the resets, if it continues, will be at 8. Dollar ends. Su Zhu, chief executive of Three Arrows Capital, recently released an excerpt from a report by Bloomberg’s “monthly crypto market columnist.”
The excerpt was:
The analyst stated that they expect Bitcoin to reach the range of 8 by the end of the year. to 12. Bloomberg wrote that rising institutional investment and a “favorable macroeconomic environment” should create upside potential … ”