Bitcoin Futures: Bakkt volume up to 6,250%
Bakkt is the first Bitcoin futures company on the market. Bakkt posted another record day for trading volume on his monthly contract. It is currently a large order compared to the volume of cash-focused competitor at CME Group.
Bakkt is a new company of NYSE – the operator of Inter Continental Exchange (ICE) designed to bring digital assets into the mainstream and help unlock the potential of this important technology. Bakkt is designed to enable consumers and organizations to buy, sell, store and spend digital assets constantly.
Bakkt stated that with 4,443 BTC contracts being traded (the highest increase was still on Wednesday). Trading volume has increased by 60% since Friday, in terms of the number of contracts traded during a previous period.
Two months after their debut, Bakkt Bitcoin Futures reached a record high of 4,443 contracts traded today – up over 60% from our last record-setting day
We look forward to building on this momentum as we approach the launch of the Bakkt Bitcoin Options contracts on Dec 9th
— Bakkt (@Bakkt) November 27, 2019
Close on the CME
This news is a remarkable U-turn with the platform’s lackluster mass platform when it launched two months ago.
On the first day of Bitcoin futures, the volume of Bakkt was 2% less than the first day of CME. This leads people to speculate whether this highly anticipated contract will perform the task of becoming an important part of the cryptocurrency market’s infrastructure.
On Monday, a total of 72 BTC were traded on Bakkt. Trade 75 times less than the competitor’s trading volume in December 2017 when CME cash-informed futures were launched. The remarkable contract is 5,298 BTC traded on an opening day, Alex Kruger said.
If Bakkt can keep up with the current momentum and average 4,000 contracts per day, the platform will trade around 16% of the daily average volume of CME in November (average 4,768 contracts of CME set daily average. at 23,840 BTC, with each CME contract representing 5 BTC).
Future data is the price increase for Bitcoin, December is a significant month
The recent boom in volume and open interest in both Bakkt and CME futures are surging for Bitcoin in the short term. It represents a series of newly opened long contracts.
Both of the top-regulated locations for Bitcoin futures, CME Group and Bakkt, reported a spike in trading volume and opened interest last week. This is a clear signal to mark the growing institutional interest in the number one cryptocurrency by market capitalization – despite falling prices.
December will be a very important month to assess whether institutional bulls intend to use Bakkt to keep overdue contracts for physical exposure of BTC, or whether they are more interested in taking advantage of short- term price movements.
Traders who are currently in the long position can choose to profit when short-term price increases and sell before the expiry of the contract (the time when they will own “physical” BTC).
Bitcoin, currently ranked No. 1 by market cap, is up 0.16% in the last 24 hours. BTC has a market capitalization of $ 136.71 billion, with a 24-hour volume of $ 17.92 billion.
Bitcoin Price today | Source: Coinmarketcap
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