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%.
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 monthly futures contracts. Nevertheless, this may indicate growing institutional interest, which is bullish for bitcoin.
Following the launch of Bakkt, volume of the bitcoin futures monthly contract was far from impressive. Actually, to say that the ICE-operated company started slow would be an understatement. From Sept. 24 to Oct. 22, volume fluctuated between $1.9 million and $200,000. Many were already be calling the platform a flop. Then on Oct. 23, Bakkt’s monthly futures volume rose to $4.8 million. Little did we know that it was the prelude to a mega pump of $10.3 million worth of bitcoin monthly futures contracts.