Bakkt Hits a New, 60% Higher, Record!

1 min reading

The Bakkt platform has reached a new record level in Bitcoin futures trading. Yesterday, the turnover amounted to as much as 5,600 BTC.

 

New Bakkt record

The platform informed about this fact on Twitter. Thanks to the announcement it is known that two months after its debut, Bakkt set its first record of futures contracts on BTC. Yesterday's level was 60% higher than the previous one.

As Cointelegraph indicates, an unrelated monitoring team charged an even higher amount, because as much as 5,671 BTC (about $42.5 million). According to Bakkt Bot, the record from the 22nd of November was $20.3 million. It can be easily assumed, then, that the current achievement could have been 109% higher.

It is worth mentioning here as well that, at the beginning, this platform did not attract much interest. Its turnover has been relatively low for some time.

 

A custody solution around the corner

Some time ago, Bakkt announced that it will soon, that is next month, launch a custody solution for its entire customer base . On the 11th of November, the platform issued an announcement, saying that it had received permission from the New York State Department of Financial Services (NYDFS) to offer this type of service to any institution. Previously, this option was only available to people trading Bitcoin futures.

The need to provide such a tool was described by Bakkt:

Safely storing digital assets demands a comprehensive approach to custody. Institutions and sophisticated investors need more than cutting-edge technology. They require proven infrastructure, robust operational controls, and independent oversight.

Moreover, a well-known investor, Mike Novogratz, commented on the new offer of this platform  by saying that "It is part of the fundamental institutional transformation of Bitcoin's attractiveness".

 

Bakkt vs current market situation

It seems that an interest in Bakkt contrasts with the current moods on the cryptocurrency market. Through the last week Bitcoin's rate has dropped significantly and now, in the seven-day range, it is at 2.27% minus.

Daily statistics look much better, though. Currently, the BTC price has increased by around 6% in the last 24 hours. Many people thought that investors could have been horrified by, among others, the Chinese authorities' attack on cryptocurrency exchanges. Some of them tried to link the reasons for the decrease in the BTC rate with the liquidation of PlusToken funds too.

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