Posted 1 year ago | by Ben Armstrong

Bakkt Bitcoin Futures Surge as  Options Announced

The Bakkt Bitcoin Futures platform is seeing increases in volume. The launch of the platform was seen by many as a flop due to the insanely high level of anticipation from the crypto community. Only days after the launch, Bitcoin saw a drop from $9800 to $8100 with many investors blaming Bakkt's low volume for the decrease. However, now it seems like things are on the upswing for Bakkt as Bitcoin fights to stay above $7k.

A tweet from the Bakkt Volume Bot Twitter account shows that volume has picked up tremendously over the last 24 hours to hit a new all time high for volume.

It is possible that this increase is due to insider knowledge of Thursday's announcement by Bakkt that it would begin allowing the trading of options on the Bitcoin futures contracts. And unlike many ambiguous statements from Bakkt in the past, this announcement came with a definitive date of December 9th, 2019.

Bakkt will not be the only institutional trading platform to launch options this month though as CME has also announced they will begin options trading on Bitcoin in Q1 of 2020. With a December 9th launch date, Bakkt has managed to beat CME to the punch.

The Bakkt Bitcoin Futures platform is also launching a market maker program to increase trading on its monthly contract. Bakkt is hoping that this new market maker program will increase both liquidity & volume.

It is unclear whether or not this surge in volume is based on Bakkt's options announcement or some other cause. Some have suggested that this is simply institutions waking up out of their slumber to prop up the market. It's to early to tell whether or not this is a one off day and the volume returns to the mean or if this marks the dawn of a new era in Bitcoin institutional investing.