Bitcoin (BTC) has dropped below $ 9,000 in the last 24 hours. Despite this decidedly bearish performance, which some analysts believe could have bearish consequences, Bakkt's Bitcoin futures market has been buzzing with activity.
Bakkt Volume Bot, a Twitter account tracking data from the stock market, said that on Friday, Bakkt traded contracts valued at 1,741 BTC. This is approximately $ 15.5 million and is Bakkt's largest trading day to date.
Today's volume so far: 1741 BTC ($ 15,486,195)
Tra Last traded price: $ 8,895
Day Trading day progress: 67%
Daily Current daily Bakktarget ™: 1976 BTC ($ 17,580,138)
– Bakkt Volume Bot (@BakktBot) November 8, 2019
These statistics were confirmed by the stock exchange itself, which tweeted enthusiastically towards the end of the trading session on Friday:
"Today we set a new daily record with 1,756 traded Bitcoin Futures contracts."
Institutions that put Long on Bitcoin
The relatively high volumes of Bakkt have emerged as institutions have begun to build long positions through regulated contracts. Skew Markets found that institutional long positions on the Chicago Mercantile Exchange's bitcoin futures market reached a monthly high and traded around 1,300 BTC contracts. This is more than five times higher than at the end of September.
Skew added that institutions now put in long positions on 880 BTC contracts, compared to 660 BTC in the previous week, while short positions have fallen as institutions are likely to break out.
What's next for BTC?
Institutional crypto investors may go long, but what do the charts predict next for Bitcoin?
According to a Bloomberg columnist, the resets, if it continues, will end at $ 8,000. Su Zhu, chief executive of Three Arrows Capital, recently released an excerpt from a report by Bloomberg's "monthly crypto-market columnist."
The extract read:
"The worst of this year's Bitcoin price correction … from our point of view". The analyst stated that they expect Bitcoin to remain tied to the range of $ 8,000 to $ 12,000 by the end of the year; Bloomberg wrote that rising institutional investment and a "favorable macroeconomic environment" should create upside potential … "