Bakkt’s bitcoin core (BTC) futures product saw another all-time high as the spot market price of BTC plummeted under $7,000 on Friday morning, Nov. 22. Bakkt saw 2,728 contracts traded ($20 million) and $1.75 million in open interest outpacing the record of 1,179 contracts on Oct. 25.
Also Read: Market Update: Cryptos Shed Billions in Rapid Sell-Off
After BTC Spot Market Prices Shed Billions, Bakkt’s BTC Futures Volumes Reach Another All-Time High
Ever since Bakkt’s physically-settled bitcoin futures contracts launched on Sept. 22, 2019, the product has been slowly gathering steady interest. Bakkt’s BTC futures started off slow and paled in comparison to top exchanges with leverage like Bitmex. Then on Oct. 10, BTC slid from $8,600 to a low of $8,200 across international spot markets. Coincidentally, Bakkt’s futures saw a sudden spike and volumes jumped 796% during the 24-hour period. After the exchanges’ all-time high (ATH), Bakkt’s market seemed calm until Oct. 23, when BTC spot prices dropped from the $8,200 foundational support to $7,365 across global exchanges. Again, Bakkt’s trade volumes lifted significantly after the spot market downturn and Bakkt volumes saw another ATH with 1,179 contracts. On Oct. 25, following the ATH, Bakkt CEO Kelly Loeffler revealed the firm will offer options on bitcoin futures in December.
It's only 2:05PM ET and we’ve already traded 2,367 contracts today, beating our previous record of 1,756
— Bakkt (@Bakkt) November 22, 2019
After the last ATH, Bakkt BTC futures volumes have been steadily gaining stronger interest. On Nov. 19, BTC spot prices were hovering around $8,300 but the next day the price per coin dropped to $8,000.
