Bakkt Hits New All-Time Trading Volume High With An 800% Overnight Surge

October 11, 2019 / by Crypto.IQ

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.

volume rallies 800% in a single day

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.

was to launch much encountered delays as a result of the Commodities Futures Trading Commission conducting several reviews. This ultimately delayed the launch. There is optimism that the volumes will grow going forward, considering the CME futures have performed exceptionally and are approaching the second anniversary.

benefited from the surge in Bitcoin price

has demonstrated that momentum can pick up instantly, and this uptick resulted from the spike in the Bitcoin price. BTC surged on October 9th from $8,200 to around $8,600. This had a great effect on trading volumes of Bakkt futures. The surge appears to have halted the downward trend in trading volume that seemed to have stagnated.

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.