November 3, 2019 at 8:46 am UTC · 2 min read
According to researchers at Skew Markets, total open interest at Bakkt’s Bitcoin futures market — operated by NYSE parent company ICE — crossed $1 million.
The Skew Markets researchers said:
“Bakkt slowly taking off – total open interest just crossed $1mln with volumes also ramping up a quite a bit this week. Don’t bet against Jeff Sprecher.”
While Bakkt’s total open interest is still only a fraction of widely used margin trading platforms like BitMEX, which is showing $800 million in total open interest as of Nov. 3, analysts remain optimistic on the trajectory of the platform.
Why Bakkt is important for Bitcoin
We want to share more about our strategy around unlocking the value of digital assets through consumer payments https://t.co/JwfIF9tyYH
— Bakkt (@Bakkt) October 28, 2019
Bakkt is also the provider of the first physically-backed Bitcoin futures in the U.S., indicating that contract holders on the platform are delivered with physical bitcoin.
Jake Chervinsky, general counsel at Compound Finance, said:
“Why is @Bakkt important for adoption of bitcoin? A: It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS,