Bakkt’s Bitcoin futures market has made a mark today. It has registered a new all-time high with nearly 16k contracts traded during the day. The amount of trading volume done closes into over $200 million as per Bakkt.
The introduction of Bitcoin Futures to the financial market has surely had quite a significant impact on the overall markets. They are unique financial instruments that allow sharp-witted investors to leverage Bitcoin’s volatility without the need to hold Bitcoin. For firms that are looking at large-scale investments, the scenario is very close to ideal and for those who actually do not want to get directly into the unregulated cryptocurrencies market, Bitcoin Futures is a great deal.
Essentially Bitcoin futures are pretty similar to stock or commodities futures. A future is nothing but a legal agreement to trade the underlying asset at a predetermined price and date. In this manner, futures allow investors to speculate on the future price of Bitcoin. Consequently, in the financial and cryptocurrency markets, Bitcoin futures have a significant role to play.
Bakkt is the subsidiary arm of Intercontinental exchange. It managed to stun everyone by setting a new all-time high. The New York-based company took a start in 2018 and the high it experienced today, was a straight 36% jump from the earlier previous high it experienced. This came after Bakkt recorded almost $150 million in Bitcoin futures volumes last month.
To make this feat known to users, it used Twitter to convey the message with the details.
As per the latest data, 15955 futures contracts which are worth over $200 million actually changed hands. The 36% over the last time’s ATH feat surely represents some great signs to look forward to.
Skew a well known crypto market analytics provider, indicates that the open interest for Bitcoin futures trading on Bakkt has increased from $11 million to $16 million which was recorded last Friday.
Observing the above graph we can see the Aggregated Open Interest of BTC futures in several platforms including Bakkt. The graph clearly illustrates the take-off right after August. The below-given illustration presented by Skew clearly captures Exchange-wise BTC Futures Open interest in Billion. OKEx stands atop the competition followed by BitMEX and Huobi, the difference between them is significant.
BTC Futures daily Aggregated volumes paint a colorful image above. OKEx sure leads the pack as we can see Bakkt’s pink indications on the rise also.
The data captured by Skew is clearly a milestone for the platform that provides and caters to the Bitcoin investment interest of all kinds of investors especially institutional investors. We noticed that on Bakkt the previous new high recorded on August 25th took the daily volume count to $150 million. The new all-time- high so recorded today, is representative of the fact that there is an embracing culture of Bitcoin Futures, and people’s trust and belief in it.