Bakkt’s steadily increasing Bitcoin futures volume is a positive indicator of its growing acceptance among the broader investment community. Here are the figures since launch.

Increased usage of the Bakkt physically delivered futures contract is bullish for the BTC/USD pair and overall market sentiment. A correlation currently exists between the increased take-up of the Bakkt platform and the price of Bitcoin, (though it’s unclear whether this is causational). Initially, Bakkt had a negative impact on Bitcoin due to abysmal volume during the first week of trading. Since then sentiment toward Bakkt has improved considerably with higher volumes.

The market rally on Oct. 25 saw Bakkt volumes spike to a record high with the platform achieving over 1,100 contracts, easily beating its former daily volumes record and the meager 74 contracts traded on Bakkt’s launch date.

The number of Bitcoin futures contracts traded on Bakkt platform moved close to all-time on Nov. 5 with 1061 contracts traded, marking a 96% increase from the previous day. The jump is significant because it occurred without a fundamental bullish catalyst attached implying interest in the platform is steadily rising.

While the Bakkt platform still lacks the size and volumes seen on other crypto exchanges physically delivered futures contracts are a strong sign that Bitcoin is becoming more accepted in the broader investment community.

Physically delivered contracts require the actual underlying asset to be delivered upon a specified delivery date. Previously, contracts were simply settled through cash, which is still the case for most other futures. This is the key distinction between Bakkt and other platforms.

Continued adoption of the Bakkt platform from institutions and accredited Bitcoin users should be increasingly bullish for the price of Bitcoin and a key fundamental development to watch as the fourth-quarter evolves.

The project is also launching an options trading platform in December and has a partnership with Starbuck currently under development. Access to global consumer markets is one of the major hurdles the cryptocurrency has been trying to overcome. Bakkt has the potential to address these hurdles by expanding access to more investors and more institutions.

The post Growing Bakkt Volumes Bode Well for Bitcoin appeared first on Crypto Briefing.

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