Increased Institutional Interest Causes 17% Rise In Bakkt’s Trade Volumes

The multi-month recovery of the crypto industry after the dreaded “Black Thursday” event has opened up an accumulation opportunity for investors at large. It seems that retail and institutional investors are keen to take advantage of it, as well.

A New Bullish Trend

Through the newly provided data, Bakkt has shown that its trading volumes have been shooting for new heights in recent times.

ICYMI: this week's summary of Bakkt Bitcoin Monthly Futures:

? Total volume: $80 million (+17%)
? Max open interest: $9.3 million (+18%)

Knowing bots, we recommend this smart trading bot: https://t.co/W8ClGYnuNn pic.twitter.com/TRVVwreq1z

— Bakkt Volume Bot (@BakktBot) July 5, 2020

This past week, the platform, primarily aimed for institutional investors, has seen an uptick of 17% in terms of its total volumes within the futures market. Furthermore, the exchange experienced an 18% rise in total open interest in that same time frame.

As one would imagine, Bakkt isn’t the only platform in this time of increased interest to gain in activity. The Chicago Mercantile Exchange (CME) has seen its futures volumes rise, as well. The ongoing premium in the exchange is still showing that large investors are keen on the “Buy and hold” strategy in regards to the world’s most popular form of crypto.

A Shaky Start

Bakkt was launched back in late 2019, and since its launch, things haven’t been peachy. Simply put, the platform didn’t attract the level of institutional investors it had thought it would. However, things may be changing for the platform, as both its trading volumes and its open interest has been on the rise for its monthly Bitcoin futures product.

The Bakkt Volume Bot stands as a simple program that focuses on tracking the various key statistics of the namesake platform. According to this, last week’s volume has seen a value of $80,000, which marked an impressive 17% rise from the week prior.

Furthermore, the open interest within the Bitcoin monthly futures of the exchange has risen more or less the same, going up 18% as another $9.3 million was added to the mix.

A Recent Rise In Interest

The volumes of the platform, while rising, is still significantly less than what it was a few months ago. Even so, it seems to be quickly increasing as these past few weeks stretched on. This, interestingly enough, comes at a time when the crypto market at large is going down, somewhat, into a narrowing consolidation phase.

It seems that institutional level investors are more and more keen on growing their respective crypto holdings as the volatility spikes up, seemingly eager to gain a profit later down the line.