In the past week, Bitcoin futures exchange Bakkt was struggling an uninspiring launch. However, it seems like the platform is building momentum in trading volume.
On October 9th, Bakkt its all-time daily trading of 224 BTC. The day before, the exchange had registered only 25 BTC in daily trading volume, which was the lowest ever posted on the platform. That was a rally of almost 800% to a fresh all-time high. This is a significant improvement and a bullish indicator following what many have called a lackluster launch two weeks ago.
There was a lot of hype surrounding the launch of the Bakkt futures exchange, but it didn’t live to the expectation after the launch. Trade volumes have been fluctuating, with the size of relative to BTC turnover worldwide. Leading exchanges exceed volumes of 2.4 million BTC every day with Bitcoin carrying close to $1 billion in value daily and even more on active days.
Since Bakkt experienced a surge in volume predominantly as a result of Bitcoin rallying, it remains to be seen if it will maintain the momentum. A dip in BTC price could also suppress trading volume leaving the exchange in uncertain territory. The surge in volume is an indication that the exchange is reacting to the BTC market activity. doesn’t yet have a devoted base of traders, which means the trading volume is prone to fluctuate more.
For now, it is still too early to confirm whether Bakkt will affect the Bitcoin price. When CME launched, there was a sudden price crash for Bitcoin followed by an extended bear market.