Bakkt Sees 160% Uptick in BTC Futures’ Demand in Single Day

As the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term is sliding, the futures market is turning bullish with an anticipation of a bounce back.

The demand for Bitcoin futures can be seen with the surge in the trading volume of Bakkt’s Bitcoin futures contracts.

According to the Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE) subsidiary, 4,443 Bitcoin futures contracts were traded on Wednesday, setting a new record on the platform.

Two months after their debut, Bakkt Bitcoin Futures reached a record high of 4,443 contracts traded today – up over 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

A flop turned hit

Launched in September, Bakkt offers physically-settled Bitcoin futures, meaning traders will receive the digital asset as the deliverable upon maturity of the contract. This reduces the settlement risk that is associated with the cash-settled instruments.

Before its launch, Bakkt became a buzz word in the industry with huge anticipated demand. Many speculated that it would boost the price of the digital asset, similar to the launch of the Chicago Board Options Exchange (CBOE) in December 2017, which pushed the BTC price to a record high.

However, the demand for Bakkt’s offerings remained dim for a while, which encouraged its critics to call it a flop.

Daily summary of Wednesday's Bakkt 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

Meanwhile, the United States-based company also tapped the lucrative Asian market with the upcoming launch of a cash-settled Bitcoin futures contract in Singapore. The contract will be listed on ICE Futures Singapore and cleared by ICE Clear Singapore - both of which are regulated by the Monetary Authority of Singapore (MAS).

With a growing demand for crypto derivatives, the company is also set to bring Bitcoin options contracts next month.