Bakkt saw an overnight spike in Bitcoin futures trading volumes, despite the relatively sluggish price action. BTC’s trek to above the $9,400 mark inspired futures markets to gain activity.
Bakkt Grows its Bitcoin Futures Activity Slowly
The Bakkt Bitcoin futures platform traded 1,061 contracts today, which is a 96% appreciation from the previous day.
ICYMI: Tuesday’s Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 1061 (+96%)
📅 Day before: 541
🚀 All time high: 1183
— Bakkt Volume Bot (@BakktBot) November 6, 2019
Bots tracked the physical delivery of 529 BTC in the past day. At the same time, spot markets and crypto-to-crypto exchanges held their separate Bitcoin price discovery mechanism, trading above 3 million BTC (the equivalent of $24 billion) in a day.
BTC Sentiment Remains Neutral
BTC is trading at 00, on mixed sentiment. Price has hiked above and below the $9,400 mark, but never crossed the $9,500 mark. A few days ago, Bakkt exceeded $1 million in open interest, which is still a fraction of the volume hoarded by bitcoin derivatives exchange BitMEX where $1 billion in open interest has been observed numerous times since June 2019.
But open interest has been growing on Bakkt, potentially leading the exchange to evolve. If the example of the CME market is taken into consideration, the futures markets have grown significantly over time.
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! pic.twitter.com/3f7C8czO18
— skew (@skewdotcom) November 2,