In finance, 98% of futures are not physically settled as traders do not want to take delivery, even for physically settled contracts.
— Alex Krüger (@krugermacro) September 24, 2019
=> comparing Bakkt with the CME is perfectly fine, particularly so with Bakkt's monthly contract.
Bakkt Surges With Volatility
Bakkt’s launch came at a time when there was low volatility in the Bitcoin industry. On Oct 24, Bakkt set a record volume of $4.8 million as Bitcoin lost $500. It was broken just two days after that, doubling its volume to $10.3 million. At this time it was the biggest day for Bitcoin when BTC gained 42% in a single day.Bakkt is like any other crypto exchange. During times of low volatility, it hardly sees any volume, and there is high volume when Bitcoin makes big moves.ICYMI: Thursday's Bakkt Bitcoin Monthly Futures:
— Bakkt Volume Bot (@BakktBot) November 8, 2019
📉 Traded contracts: 834 ($7,697,820)
📅 Day before: 903 (-8%)
🚀 All time high: 1183 (10/25/2019)
*bleep blop* tip sats for server costs https://t.co/TF6sNUwWpO 🤖 pic.twitter.com/hgxCdoQCQd
Bitcoin Fails to Hold on to Support
Bitcoin failed to hold on to support at $9,000, slipping below that point for the first time since its rally to $10,500 at the end of October. It lost five percent of its value, dropping down to a closing value of $8,783. As Bitcoin turned volatile, Bakkt’s volume surged once again. It had a significant boost in its early hours. as 970 BTC was traded within the first eight hours of the day. Towards the end of the day, a total of 1,756 BTC was traded, setting a new record-high volume. Bakkt seems to have now gotten its footing and is consistently posting daily volumes above $5 million.Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
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