Bakkt doubles active position volume in one day – 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.

Image credit: skew.

In addition, on Tuesday, the trading volumes in Bakkt futures for the second time since the existing reached the mark of $10 million.

Image credit: BakktBot

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.

Image credit: skew.

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

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