Bakkt Doubles Active Position Volume in One Day
November 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Bakkt Bitcoin futures platform, which last week set its own record for active positions with a result of $1 million, updated it within one day by doubling.
“Bakkt total open interest doubled yesterday to $2mln — still some way to go but growing!” the analytical service skew draws attention.
In addition, on Tuesday, the trading volumes in Bakkt futures for the second time since the existing reached the mark of $10 million.
It should be noted that for the first time Bakkt was able to rise above this level on October 25, when the price of Bitcoin jumped sharply from $7,500 to $10,000. Nevertheless, the latest Bakkt indicators are recorded against the backdrop of the newly fallen volatility of the leading cryptocurrency in a ten-day measurement, according to skew data.
Keeping current dynamics, the trading volumes on Bakkt in November may exceed $200 million. On November 4, The Block analyst Larry Cermak wrote that the average daily trading volume of Bakkt futures for the previous eight days was $5.65 million, whereas before that it was only $0. 7 million.
“Bakkt’s monthly futures volume increase is impressive,” wrote analyst Alex Kruger. — “Volume now represent 4% of CME’s”.
However, daily settlement futures seem to be a dead product. Bakkt is likely to be used to a greater extent for arbitrage and futures trading than for “physical” settlements in Bitcoin.
Author: Marko Vidrih
