In the last week, the trading volumes of Bakkt’s bitcoin futures have been very sustained.
There hasn’t been a single daily record peak, given that highest was on April 7th with $16.9 million, while on March 16th, for example, the volume was 18 million.
However, the total volume of the last 5 days was over 70 million dollars, with a daily average of over 14 million dollars.
It had been since mid-February that there had not been a similar streak, although at that time the volumes were even higher. In the week of February 10th to 16th, the daily average was even higher than 20 million.
Therefore, after a significant drop in Bakkt’s futures trading volumes started just at the end of February, with a minimum peak of only $3.9 million traded on March 6th, volumes finally seem to be recovering on average, with the sole exception of March 16th.
In particular, compared to the previous 5 days, when the daily average was less than 6 million, it was an increase of 138%, which seems to suggest rather explicitly a revival of this market.
Note that this increase comes precisely in the week in which the price of BTC returned above $7,000, and specifically began on April 2nd when the price jumped from $6,200 to $6,600 in a few hours.
Actually, the trading volumes of Bakkt’s bitcoin futures have recorded a real surge in 2020, with numbers much higher than at the end of 2019.
However, after the collapse of the crypto market in mid-March it was back in bearish territory, comparable in some ways to December 2019, when BTC prices were similar.
However, the recent rise in early April indicates that the anomaly may have worn off, and investors’ interest in these derivatives may have returned to the same level as before the crash.
