RATE Group | Bakkt Posts Second Largest Trading Volume; Bullish for Bitcoin
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Bakkt Posts Second Largest Trading Volume; Bullish for Bitcoin

07 Nov Bakkt Posts Second Largest Trading Volume; Bullish for Bitcoin

Posted at 21:48h in Bitcoin News by

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  • Bakkt’s monthly futures volume surged to $10 million, the second-largest on record.
  • The steady growth of Bakkt’s monthly futures volume may reflect the growing interest of institutional investors.
  • In addition, the rise in volume is giving analysts more reason to be bullish on bitcoin.

Bakkt’s monthly futures volume on Tuesday skyrocketed to 1,061 contracts. That number is 112 contracts short of ICE-operated platform’s all-time high of 1,183 contracts. The sudden volume surge came to the surprise of the crypto community. The last time Bakkt’s monthly futures volume spiked was on Oct. 25, the day bitcoin pumped over 18%.

Bakkt’s sudden rise in volume caught the crypto community by surprise. | Source: Twitter

On Tuesday, however, bitcoin’s price action was far from exciting. The dominant cryptocurrency traded in a narrow range between $9,169.84 and $9,474.89. Many crypto traders found it shocking that institutional investors bought over $10 million worth of bitcoin…

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