Institutional Investors Buying the Dip? Bakkt Volume Shoots up to Hit ATH As BTC Price Crashes
Bitcoin is bleeding today, having lost about $700 in a few hours.
The leading cryptocurrency went down hard today, going as low as below $7,300 on Bitstamp. But soon after it recovered $200 back.
Currently, Bitcoin is trading at $7,500 with 24 hours loss of 8.38%, as per Coincodex. Reported trading Volume, meanwhile is over $20 billion on all spot exchanges and $653.5 million, up from $200 million last weekend, on top ten exchanges with real volume.
As Bitcoin takes a fall, institutions seem to have taken to buy this dip as evident from the huge spike in the trading volume of Bakkt.
Today, Bakkt has been breaking into a new record one after another.
At the time of writing, Bakkt’s monthly bitcoin contracts recorded a volume of 558 BTC (last updated) equivalent of over $4.185 million (at $7,500 per BTC rate). We still have a few hours left in the day, so it’s to be seen what will be the new record that Bakkt will make.
∙ Today's volume so far: 507 BTC
∙ Last traded price: $7,470.00
∙ Trading day progress: 46%
∙ Today's forecast (beta feature): 1103 BTC
— Bakkt Volume Bot (@BakktBot) October 23, 2019
Given the fact that the day BTC price crashed, Bakkt volume took flight, it can be said that Bakkt’s institutional investors are buying the dip and filling their bags.
The current figure is a significant increase from just 72 BTC the physically-settled bitcoin contracts platform got in just 24 hours of its launch.
Up until now actually, Bakkt has been a “Flopkkt,” a moniker given by economist and trader Alex Kruger in the light of disappointing volume registered by the ICE-backed platform in the past month.
— Alex Krüger (@krugermacro) October 22, 2019
Could this mean, Bakkt is finally starting to see the growth it was meant and expected to? Well, this time this surge in volume seems to be coinciding with the drop in BTC price, so, it’s hard to tell if it’s the sign that institutional interest in BTC has come knocking in full force. But they sure seem to be all-in in this dip.