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…