Bakkt Weekly Volume is Boosting as Bitcoin Option is approaching
Bakkt is one of the most hyped products of the crypto projects as the predictions were circulating before launch are very high and positive but Bakkt is unable to reach those expectations. After being launched on Sep.23, the first-day trading volume was recorded almost $1 million which is the lowest when compared to the platforms.
However, the weekly traded volume increasing week by week. It is said that investment in the company is also done by the New York Stock Exchange, Starbucks, and also supported by giant companies at the time of inauguration but the result was very disappointing.
December proved a good month for Bakkt
The month of December is proving very beneficial for the firm as the bitcoin futures volume is increasing. The data shows that weekly performance surged in the month of December.
Bakkt volume bot shared the weekly data on Dec.1 which stated that transacted volume is done almost worth $124 million which is 5000 % more than the first week of its launch.
This week's summary of Bakkt Bitcoin Monthly Futures:
💪 Total volume: $124.0 million (+89%)
💰 Max open interest: $4.3 million (+218%)@Bottlepay this bot a coffee: https://t.co/MJaZ58oPiu 🤖 pic.twitter.com/zj9Z8cosgM— Bakkt Volume Bot (@BakktBot) December 1, 2019
The factors behind the unexpected growth are unknown. But some analysts are claiming that the predictions about the company before its launch are now executing in practical shape in the form of surged volume.
Bitcoin Options Trading is launching
Besides its current Bitcoin futures trading, the platform has a plan to introduce more products for the institutional investors and traders. The best of all products is the options trading which the company has a plan to launch on Dec.9 which might be one reason for surged volume in December.
Similarly, besides option trading, they also plan to offer Bitcoin Custody Offering for their institutional customers. The company is moving towards the right successful path but it will take some time as per the CEO’s words:
“scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility.”
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