Bakkt has updated the maximum trading volume for bitcoin futures

At the same time, the indicators of the trading platform are still far from the performance of competitors.

Bakkt trading platform has updated the absolute maximum trading volume for bitcoin futures. On Tuesday, the figure reached 15.955 BTC (about $ 172 million at current exchange rates). Information about this appeared in the official microblog of the trading platform.

The active growth of trading volumes on the site began in mid-summer 2020. Previous highs were recorded at the end of July.

Bakkt trade volume statistics. Data: The Block

At the same time, Bakkt’s indicators are far from the trading volumes of other platforms where bitcoin futures are presented.

Trading volumes of the platforms where bitcoin futures are presented. Data: SKEW

As of this writing, the market leader is Binance. Bakkt is not even in the top 10 sites in terms of the total trading volume of bitcoin futures.

Data: SKEW

Many participants in the crypto community drew attention to the fact that updating the maximum may be a harbinger of a further decline in the value of bitcoin. According to users, the growth in Bakkt’s trading volumes can be explained by an attempt by institutions to enter the market before the next wave of BTC fall in order to make money on short positions.

There are also bitcoin options on Bakkt. For the last month, according to SKEW, no transactions were registered with the financial instrument. For the first time, market participants drew attention to the lack of interest of traders in Bakkt bitcoin options at the end of July 2020.

Data: SKEW

Recall that the trading platform was launched on September 23, 2019, after numerous postponements of the start date. Many people considered that institutional investors would enter the digital asset market with the opening of Bakkt. However, a low demand for the platform’s financial instruments showed that their expectations failed to come true. Against the background of a poor start for Bakkt, the bitcoin rate went down.

Also, during the year, there were several personnel changes in the company’s team. At the moment, according to The Block analyst Larry Chermak, the trading platform can hardly be attributed to the crypto industry.

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