Bakkt breaks record with no less than 109% more bitcoin contracts

Bakkt breaks record with no less than 109% more bitcoin contracts

The past few days have once again demonstrated why the bitcoin rate is called volatile. You would expect that this uncertainty is negative for institutional investors, but the opposite seems to be true. Bakkt continues to break record on record with their bitcoin futures contracts.

Exponential growth

When Bakkt launched with, there were days when only 3 contracts were traded. Many spoke shame and declared Bakkt failed. But you should never write off something too early and Bakkt proves that by growing steadily. According to the company, 4,443 contracts were traded yesterday.

And that is an increase of no less than 60% compared to their previous record.

Two months after their debut, Bitcoin Futures achieved a record high of 4,443 contracts traded today – up in 60% from our last record-setting day

We look forward to building on this momentum as we approach the launch of the Bakkt Bitcoin Options contracts on Dec. 9th

– Bakkt (@Bakkt) November 27, 2019

The company also writes that they are looking forward to building on this good feeling, ahead of the launch of Bitcoin option contracts on December 9. From December 9, investors can go short and long without actually having to buy bitcoin. That is possible with fiat money. In that respect, the product is very similar to what CME offers.

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At the end of the day there was an update from Bakkt Volume Bott. That shows that Bakkt breaks their previous record by no less than 109%!

Daily summary of Wednesday’s Bits Bitcoin Monthly Futures:

? Traded contracts: 5671 ($ 42.52 million, + 148%) (New ATH ?)
? All time high: 5671 (11/27/2019)
? Open interest: $ 4.16 million (+ 6%)

Follow @BakktBot for updates – Sats welcome @ https://t.co/TF6sNUwWpO pic.twitter.com/wrX2qnLnOp

– Bakkt Volume Bot (@BakktBot) November 28, 2019

Contracts not important, but number of bitcoin

Trader and analyst Alex Krüger noted that the volume is bullish, as is the number of Bitcoins that are physically delivered.

“But what makes Bakkt special for bulls is not the volume, but how many bitcoins are delivered physically. In November the number was 17 bitcoins. Only 15 in October. “

Baking has bitcoin bulls excited.

Volume is growing exponentially. From a low base, but growing fast nonetheless.

But what makes Baking special for bulls is not its volume, but how many bitcoins are physically delivered.

In November, the number was 17 bitcoins. In October, 15. pic.twitter.com/04R4t6h1do

– Alex Krüger (@krugermacro) November 27, 2019

In a follow-on tweet he noted:

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“The more regulated volume, the better. Bakkt’s growth is very positive. But stay present Bakkt is not that different from the CME. It is almost completely paper trade. “

He expects that in December only 100 bitcoin can be traded via Bakkt

Also conclude contracts with fiat money from 9 December

Bakkt wants to launch a product similar to CME on December 9. You enter into contracts with which you go long or short (betting on price rise or fall). These contracts are settled in regular currency and therefore do not contribute to the purchase of bitcoin, but rather to the speculative aspect of the cryptomarket.

The difference with CME is that Bakkt has lost a storage solution, including insurance for when bitcoin. Institutional investors can purchase bitcoin via Bakkt and have it stored. Another advantage is that ICE is the parent company of Bakkt. Intercontinental Exchange (ICE) is an American company that owns exchanges for financial and commodity markets and operates 12 regulated exchanges and market places.

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ICE has already built up a decent reputation and that can convince investors.