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Bakkt Bitcoin futures hit new high as BTC options contracts near

The trading volume for Bakkt's Bitcoin futures contracts has risen to a new high as the highly anticipated BTC options contracts draw nearer

The volume of Bitcoin futures contracts traded on the Bakkt digital asset platform has reached a record high as the launch of the firm’s highly anticipated BTC options contracts draws closer.

The company announced in a tweet that its Bitcoin futures product has reached a record high of 4,443 contracts traded – marking a significant 60% increase from its last record-setting day.

“We look forward to building on this momentum as we approach the launch of Bakkt Bitcoin options contacts on December 9,” the company wrote.

Despite a relatively lacklustre start, Bakkt has seen steady growth since its much-hyped launch earlier this year.

And while the cryptocurrency markets have been tumbling, Bakkt’s trading volume has risen.

Last month, Bakkt CEO Kelly Loeffler revealed the company had “tight bid/ask spreads” across US, European, and Asian trading hours and continued to onboard both retail and institutional clients.

On a wider scale, it would seem there is still a distinct lack of retail interest in cryptocurrency at this time, but institutional investments seem to be showing signs of promise.

The upcoming options contracts will be based on its flagship futures contracts and will expand the exchange’s product offering.

The options contracts are also self-certified with the Commodity Futures Trading Commission (CFTC) through Intercontinental Exchange Futures (ICE) US.

Earlier this month, Bakkt Warehouse, an institutional custodial platform for digital assets, announced that it can now offer BTC custody solutions to all institutional clients after receiving authorisation from the New York Department of Financial Services (NYDFS).

Previously, it had only served clients who were trading with Bakkt Bitcoin futures contracts.

With increased interest in the firm’s futures contracts now evident, no doubt all eyes will be on the Bakkt Bitcoin options contracts launch on December 9.

Interested in reading more Bakkt-related stories? Discover more about Bakkt Warehouse announcing institutional custody solutions.

 

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