A new data has shown that the trading volume on Bakkt has soared up to 18 percent in its total futures volume as well as an 18 percent climb in its total open interest.
It appears that Bakkt and other institutional and retail investors have taken advantage of the multi-month consolidation period for Bitcoin and crypto.
Bakkt is not the only platform seeing heightened institutional activity, as futures on the CME have also been rising. In fact, since the platform was launched it has not been utilized by institutional investors at the rate many investors had anticipated.
The trend may be starting to shift, however, as the platform has seen a notable rise in both its open interest and the trading volume for its monthly Bitcoin futures product, according to reports.
According to the Bakkt Volume Bot – which is a program that tracks the key statistics relating to the platform – total volume on the platform last week was $80 million, marking a 17 percent rise from the prior week.
“This week’s summary of Bakkt Bitcoin Monthly Futures: Total volume: $80 million (+17%). Max open interest: $9.3 million (+18%)”
The trend is still down significantly from where it was just a couple of months ago but has been trending up over the past several weeks. This uptrend has come about despite Bitcoin and the aggregated crypto market falling into a narrowing consolidation phase.
As it looks, It appears that institutional investors are keen on building up a more substantial holding before the crypto sees a spike in volatility.
BTC futures premium shows that institutions are growing more involved in crypto and Bakkt’s rising volume isn’t the only sign of heightened institutional involvement in the crypto markets.
“A stabilizing premium in the Bitcoin futures price is supporting the market and indicates more institutional buy-and-hold interest… Our graphic depicts futures averaging just over 1% above the Bloomberg price (XBTUSD),” a Bitcoin crypto outlook report said.