BTC - Bakkt sees highest volume to date as Bitcoin soars!steemCreated with Sketch.

in bitcoin •  5 months ago  (edited)

Bakkt sees highest volumes to date as Bitcoin prices soar

The volume on the Bakkt bitcoin monthly futures contracts broke 1,000 for the first time ever today, and the market still has a few hours until the close.

Check it out:

(Source: https://twitter.com/sunnydecree/status/1187796640763133953)

This is far and away the highest volume day for the Bakkt contracts, ever.

The previous highest volume day was seen on Oct. 23rd, when bitcoin was in free-fall and 452 contracts were traded.

Today we are likely going to do at least 3x the previous all time high and it's not surprised it's happening on day when bitcoin is up some $1,200 on the day.

Slow and steady often wins the race

Bakkt still isn't doing anywhere close to the volumes being seen at the CME and their bitcoin futures products, but the volumes are headed in the right direction.

As of right now, the Bakkt options are still under $9 million in total dollar volume traded, which is a drop in the bucket compared to the CME daily average of around $70 million per day for the year.

However, things seem to be at least headed in the right direction for Bakkt.

They said that they expected the volumes to be light at first and then to slowly climb as they add more clients, which seems to be what is happening.

Bakkt also announced a Bitcoin Options Contract is on the way

Bakkt announced that they would have bitcoin options contracts released before the end of they year.

With an anticipated launch date of Dec. 9th.

Some of the key features expected of the options include:

• Capital efficiency
• Cash or physical settlement
• European style option
• Attractive fees
• Broad distribution and liquidity
• Instant Messaging
• Block trades
• Options analytics

More about those can be seen here:

https://medium.com/bakkt-blog/bakkt-bitcoin-options-on-futures-to-launch-december-9-an-industry-first-8fb2bd686abb

Lot of things going on with the financialization of bitcoin!

Plus it's always nice to see bitcoin up over a $1k in a single day.

Stay informed my friends.

-Doc

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I got totally fed up of crypto and so sold everything and bought steem and put it here in my wallet; took me 2 years to save it up, but I'm glad it's here and I'm not looking at the exchange every day to see if it's gone down anymore...

Well hopefully the coming SMTs, communities, and a couple other developments can help get things turned back in the right direction.

It is almost December and on more month to wait before the launch. I can't wait to join the Bitcoin community and explore the full feature offered with this innovative technology on blockchain.
Peace

Posted using Partiko Android

Yes, the Options launch is only about a month and a half away at this point. With the halving right around the corner as well, we should be in for a good next several months.

Thanks for this post.

Yep seems everything is up 10-15% except steem 😂

Posted using Partiko Android

The rise was crazy today, I couldn't believe how fast the green went up!

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Nice to hear, thanks!

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Cool, thanks!

  ·  5 months ago Reveal Comment