Bakkt continues to expand

After a slow start to the bitcoin futures launch, Bakkt appears to be starting to hit their stride with their physically settled bitcoin futures contract.

After doing less than a million dollars in dollar volume per day for much of the first couple weeks, Bakkt exploded in dollar volume the past few days.

In fact, yesterday was the highest volume day ever for Bakkt:

(Source: https://cointelegraph.com/news/bakkt-bitcoin-futures-set-new-daily-record-trading-over-20m)

November 22nd saw over $20 million in dollar volume traded, which smashed the previous all time high.

The previous all time high saw a little over $15 million in dollar volume back on November 8th.

It wasn't just a one off event...

If you look at the last couple days, the volume has been consistently high for ol Bakkt.

Just about every day this week, Bakkt saw it's dollar volume over $10 million per day, with Wednesday and Thursday both over $12 million, before exploding on Friday for that $20 million number.

$20 million is still a long ways from the kinds of volumes we are seeing on the CME bitcoin futures contracts, but it represents close to 40x the volumes Bakkt was seeing when it first launched.

What does the increasing dollar volume tell us?

It most likely tells us that people are beginning to get more comfortable with Bakkt.

Money flowing into Bakkt may also represent new money coming into crypto as they offer a different route to bitcoin exposure than most other products.

It will be interesting to see whether the volume increases tend to coincidence more with price increases or with price decreases, so far the highest volume days seem to be on days that bitcoin prices decrease.

Though, it is likely still too early to glean much from the data thus far.

Either way, we know that it is institutional money driving the Bakkt volume as they only allow institutional clients to trade their product.

Stay informed my friends.

-Doc