CME and Bakkt Bitcoin Futures See Largest Daily Volume in Weeks

Share Article
In Brief
  • Both Bakkt and the CME saw a significant uptick in trading volume for their Bitcoin futures markets.

  • Both exchanges are now posting trading volume not seen since March 16.

  • Could this be an indication that Bitcoin's bullish momentum has more left in the tank?

  • promo

    Deposit and make your first trade for up to $3,000 in rewards Get Started Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin’s price uptick has led to a spike of Bitcoin futures trading on both the CME and Bakkt.

Cryptocurrency trading across the board has been depressed in the last few weeks as most pay closer attention to macroeconomic indicators. However, Bitcoin’s recent bullish rise has surprised onlookers—and futures markets are posting higher-than-expected trading volumes.

Bakkt BTC Bitcoin

CME and Bakkt See Trading Volume Spike

Both Bakkt and CME are seeing a drastic increase in trading volume for their Bitcoin futures markets. Both are showing the largest volume increases since March 16, coincidentally.

As skew (@skewdotcom) reported recently, the strong showing may be indicating a return of investor interest in Bitcoin after a temporary lull.

Of course, the uptick in trading volume is not inherently good news for the market—after all, the majority of traders on these exchanges could be betting that the price of BTC will fall. At the time of writing, however, longs are double all shorts across all the major exchanges.

At the time of writing, Bitcoin is just under the $7,000 resistance price point.

Macroeconomic Indicators

Although it is easy to get absorbed into the internal market movements of the cryptocurrency market, we must not forget that macroeconomic indicators are still dominant. This is because we are still amid an economic crisis.

The uncertainty has caused predictions on Bitcoin’s future price movements to oscillate wildly. For example, one analyst from Morgan Creek Digital believes Bitcoin will drop lower into the halving and hit an all-time-high by September. Others, however, are far more bearish and point to the worsening macroeconomic indicators as proof. In the past week, some 6.6M Americans applied for unemployment benefits.

Assuming we are in a recession, it is difficult to predict Bitcoin’s price movements—that’s because the leading cryptocurrency has never experienced one, despite being born from the Great Recession. However, an uptick in trading volume is a positive indicator which should give traders some hope during this bullish upswing.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

Follow Author

Make your first deposit and trade now to earn up to $3,000 in rewards!      

Join

UUEX airdrop: Sign up to get 50 USDT, you can Withdraw to Wallet

Sign up

Poloniex Space Traveller Program: Sign up to get 30 USDT.

Get now