The turnover of Bakkt hit a new high on the day of the 1023 plunge, and the netizens wondered why the organization always went short.

According to The Block's data, the bitcoin monthly futures trading volume of the physical exchange of Bakkt on the cryptocurrency derivatives exchange has achieved a substantial increase. On Wednesday, the volume reached $4.81 million, which is more than the sum of the first nine trading days. The sharp increase in trading volume may be due to the increase in bitcoin volatility on Tuesday night, when the price of bitcoin plummeted by 6% in just a few minutes.

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Bakkt's data does not show specific positions, but many netizens speculate that a sudden increase in trading volume may be the entry of institutional funds to short the bitcoin. The Twitter user with ID crypto_outsider said that it is time for institutional funds to enter, shorting Bitcoin to $6,000. Netizen Skyylark issued a question: "Why does institutional funding always go short? When BTC last rebounded to $8,400, where did they go?" There are also netizens watching on the sidelines: "When you wait for BTC $3,000, the amount of trading on Bakkt."

Since its launch on September 20th, on September 20th, Bakkt's bitcoin monthly futures total trading volume was $20.22 million, which means that the average daily trading volume in the past 23 trading days was only about $880,000.

Although Bakkt's trading volume reached nearly $5 million on Wednesday, this amount is slightly insignificant compared to the volume of several old-fashioned crypto exchanges. FTX statistics show that as of 9:33 am on October 25, the 24-hour volume of derivatives trading on OKEx reached $1.954 billion, and BitMEX also had $1.624 billion. Even for CMEs that also launched compliant bitcoin futures trading, the daily trading volume was $304 million. Therefore, some investors laughed and said: "5 million is nothing (5 million is a hair)."

However, Bakkt is also actively promoting the increase in trading activity. On Thursday night, Bakkt announced on official Twitter that it will launch a Bitcoin options contract in December to enrich Bakkt's product line. At the same time, according to CoinDesk, Bakkt will also launch a market maker program to increase the liquidity of bitcoin monthly contracts.