Increased usage of the Bakkt physically delivered futures contract is bullish for the BTC/USD pair and overall market sentiment. A correlation currently exists between the increased take-up of the Bakkt platform and the price of Bitcoin, (though it’s unclear whether this is causational).
Initially, Bakkt had a negative impact on Bitcoin due to abysmal volume during the first week of trading. Since then sentiment toward Bakkt has improved considerably with higher volumes.
The market rally on Nov. 8 saw Bakkt volumes spike to a record high with the platform achieving over 1,741 contracts, easily beating its former daily volumes record.
Continued adoption of the Bakkt platform from institutions and accredited Bitcoin users should be increasingly bullish for the price of Bitcoin and a key fundamental development to watch as the fourth-quarter evolves.
Image Source: BakktBot