The bullish signs are increasing: How researchers Skew Markets now established, was the entire Open Interest on the Bitcoin futures market of Bakkt at over 1 Million US dollars.
The researchers for this purpose:
“Bakkt stands slowly. the total Open Interest surpassed 1 million $, and also the volumes have increased this week, clearly. Bet against Jeff speaker.“
During the entire Open Interest of Bakkt which is still a fraction of what achieve widespread Margin Trading platforms, such as BitMEX (from the 3. November a total Open Interest of 800 million dollars), remain the analysts on the potential of the platform to be optimistic.
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Why Bakkt for Bitcoin is important
Crypto-investors observe Bakkts development as an important platform to satisfy the Bitcoin demand of accredited and institutional investors.
With the involvement of large retailers such as Starbucks Bakkt has the potential to open up a Bitcoin Integration the global consumer market. At this point, it should be noted: Starbucks is currently working on a Bitcoin Integration, from July 2020, you can take his coffee with BTC to pay.
Bakkt is also the provider of the first physically backed Bitcoin Futures in the United States, suggesting that the contract holder will be supplied on the platform, with a physical Bitcoin.
For this purpose, Chervinsky, General Counsel, Jake with Compound Finance:
“Why is @Bakkt important for the spread of Bitcoin? A: It’s large, risk-averse institutions offers the opportunity to buy Bitcoin by the CFTC and the NYDFS-approved, fully-regulated System and to keep, which is supported by the good reputation of the ICE. Compliance lawyers are happy.“
Bakkts volume and the entire Open Interest in comparison to the major crypto-currency exchanges to be low. Due to the physically secured contracts Bakkt, however, has the potential to affect the bitcoin price development in the long term.
Bakkts utilization increases, this could lead to more balance in the global Bitcoin market is still dominated by retail investors to stock exchanges, such as BitMEX, Coinbase and Binance.
The Trading volume increases and increases
Since the end of September, the daily Trading volume of Bakkts Bitcoin futures market of $ 1.2 million increased to 6.2 million$. 28. October it reached momentarily 10.3 million $ after the Bitcoin price was abruptly increased from 7.600 $ to 10,000$.
Strategists such as “Three Arrows Capital”-CEO Su Zhu gave to understand shortly after the Start of Bakkt: The platform will probably experience immediately after your opening a large volume, because you would need to first Futures Broker. Because, according to Zhu:
“Bakkt will probably be first a trickle and then a flood. The reality is that the majority of regulated Futures contracts experience on day 1, low spread, simply b/c not all Futures brokers are ready to take you to clear a lot of people want to wait and see“.
Conclusion: Bakkts volume shows less than three months after its introduction, evidence for a significant increase and this suggests that Bitcoin as a store of value and a means for accredited and institutional investors is attractive.