BTC volume record: The low Bitcoin price attracts institutional investors

When the BTC/USD price updated the lowest level since May, institutional investors wanted to quickly benefit from the cheap Bitcoin price. On the Bakkt exchange, the trading volume of Bitcoin futures rose to $ 47 million on Wednesday.

Cryptoanalysts have made various predictions for medium and long-term developments. However, there is broad agreement that Bitcoin will be worth much more after halving in May 2020. Given this, it is not surprising that investors are aiming for the lowest possible price to enter the market.

Yesterday the crypto-father reached $ 6,540, the lowest level in over seven months, as data from Coinmarketcap show. At this point in time, institutional investors were quickly in open long positions.

Trading volume on Bakkt, the Bitcoin futures exchange platform operated by the NYSE parent company Intercontinental Exchange (ICE), increased for the fourth day in a row.

The Twitter bot that tracks the bakkt volume shows: Investors traded $ 47.3 million worth of Bitcoin futures contracts yesterday.

Wednesday's Bakkt Bitcoin Monthly Futures:

📈 Traded contracts: 6601 ($47.30 million, +74%) (New ATH 🚀)
🚀 All time high: 6601 (12/18/2019)
💰 Open interest: $3.98 million (-39%)

Knowing bots, we recommend this smart trading bot: https://t.co/W8ClGYnuNn pic.twitter.com/yfGFHrhXec

— Bakkt Volume Bot (@BakktBot) December 19, 2019

So it’s a great opportunity to get bitcoin at discount prices and hold it until the next big rally. The rally that the cryptocurrency may lead to new record highs.

BTC is slowly recovering

Interesting here: After Bitcoin has risen to over $ 7,100, institutional investors also seem to be more hesitant again. Currently, the volume of monthly Bakkt Futures contracts is 621 BTC, indicating that the volume number is unlikely to update yesterday’s record high.

The largest cryptocurrency by market cap still moves in a bearish channel that is judged over longer periods. There is room for new lows. Crypto analyst Jacob Canfield, for example, suggests that Bitcoin could bottom out at $ 5,500.