As the BTC/USD quotation updated the lowest level since May of this year, institutional investors were in a rush to benefit from the cheap Bitcoin price. On Bakkt, the trading volume of Bitcoin futures surged to $47 million on Wednesday.
Bakkt’s Surging Volume Suggest Investors’ Interest in Cheap Bitcoin
Crypto analysts have voiced various predictions in the medium and long-term, but there is a consensus that Bitcoin will be worth much more after the halving event. Considering this, it is natural that investors will target the lowest possible price to enter the market.
The king of crypto touched the lowest level in over seven months yesterday, to $6,540, according to Coinmarketcap data. Thus, institutional investors were in a rush open long positions at that point.
On Bakkt, the Bitcoin futures exchange platform operated by NYSE parent Intercontinental Exchange (ICE), trading volume has been increasing for the fourth consecutive day.
The Twitter bot that tracks Bakkt volume showed that investors traded $47.3 million worth of Bitcoin futures contracts yesterday.
Indeed, this is a great opportunity to get Bitcoin at discount prices and hold it until the next major rally that will potentially lead the cryptocurrency to new record highs.
BTC Rebound Slow the Rush
Interestingly, after Bitcoin bounced back to over $7,100 – holding at that level at the time of writing, institutional investors seem to be more hesitant. Currently, the volume on Bakkt’s BTC monthly futures contracts is 621 BTC, which suggests that the volume figure will probably not update the record high set yesterday.
The largest cryptocurrency by market cap is still moving inside a bearish channel judging by larger timeframes, leaving room for new bottoms soon. Earlier this week, we reported that crypto analyst Jacob Canfield had suggested that Bitcoin might bottom out at $5,500.
Do you think Bitcoin will continue its bearish stance? Share your thoughts in the comments section!
Images via Shutterstock, Twitter: @BakktBot