Bakkt ‘Physically Delivered’ Bitcoin Futures Post New All-Time High

Intercontinental Exchange's bitcoin derivatives branch, Bakkt, hit a new all-time high today. The New York-based company, which was founded in 2018, said the latest record in BTC futures trading activity on its platform is a 36 percent jump from the previous all-time high. It did so after Bakkt reached nearly $ 150 million in Bitcoin futures volume last month.

New ATH for Bakkt Bitcoin Futures: 15,955 (over USD 200 million) contracts traded

A few hours ago, Bakkt went on Twitter to announce that the Bitcoin futures market has hit a new all-time high.

According to the company, 15955 BTC futures contracts valued at over $ 200 million changed hands. This latest achievement represents a 36 percent increase over the most recently recorded ATH.

Data Skew from Crypto Market Analytics provider reveals that open interest in trading Bitcoin futures on Bakkt has increased from $ 11 million last Friday to $ 16 million.

This is clearly a milestone for the platform, which largely serves the Bitcoin investment interests of institutional investors. Also, it follows the trading volume of BTC futures, which is spinning rounds around the $ 150 million number on Bakkt on August 25 (almost a month ago).

<img class = "wp-image-68309 size-full" alt = "skew_bakkt_bitcoin_futures__total_open_interest__volumes_" width = "1000" height = "558" src = " skew_bakkt_bitcoin_futures__total_open_interest__volumes_8
Bakkt Bitcoin Futures Trading Volume and Total Open Interest – 1-Month Chart, Source: Skew

Overall, the market for BTC derivatives is bullish

As CryptoPotato reported yesterday, the numbers point to a rising upward move in the Bitcoin futures and options markets. Futures traders on BitMEX have long tipped over. Buy liquidations / long bets for XBTUSD over $ 20M.

After the open positions in Bitcoin futures fell below USD 4 billion on September 4th, they were able to regain the USD 4 billion level on Monday. The indicator has since reached a plateau. Daily futures trading volume rose to $ 11 billion on Monday and soared to $ 12 billion yesterday after falling dramatically from $ 16 billion to $ 8 billion on the 9th.

In addition to bullish futures trading activity, there is also positive sentiment among Bitcoin options traders. Among all options contracts traded on Monday, the most active were those calling for Bitcoin (BTC) price, which hit a maximum of $ 36,000 by the end of the year. Options traders also long bets on $ 28,000 and $ 32,000 BTC prices, respectively.

A total of 2,000 bitcoin options contracts traded on CME on Monday claimed that BTC prices should hit $ 11,500, $ 12,000 and $ 12,500 by October 20.

The news didn't have much of an impact on Bitcoin price, which is only a few hundred dollars away to hit the $ 11,000 price again. However, BTC is still up 6 percent from the week and appears poised for a rally.

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