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Open Positions in Bakkt's Bitcoin Futures Jump to Record Highs
While bitcoin hit fresh three-month highs on Wednesday, open interest in monthly bitcoin futures on the Intercontinental Exchange's (ICE) Bakkt platform jumped to record highs.
Updated Sep 13, 2021, 12:15 p.m. Published Feb 6, 2020, 7:45 p.m.
While bitcoin hit fresh three-month highs on Wednesday, open interest in monthly bitcoin futures on the Intercontinental Exchange's (ICE) Bakkt platform jumped to record highs.
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Open interest, or the number of open futures contracts, rose to $13 million, surpassing the previous record high of $12 million reached on Feb. 3, according to data analytics firm Skew.
Open interest has risen sharply, by 13.6 percent from $5.5 million to $13 million over the past two weeks. Open positions on the Chicago Mercantile Exchange's bitcoin futures also jumped to a five-month high of $249 million on Wednesday – up 34.5 percent from $185 million seen two weeks ago.
Bitcoin's price has risen by 19 percent since Jan. 24. The cryptocurrency printed a high of $9,775 on Wednesday, a level last seen on Oct. 28.
Analysts keep track of changes in open interest to gauge the strength of price moves.
An uptick in price along with a rise in open interest indicates there is strength behind the move higher. A trend is said to be lacking substance when the two metrics move in opposite directions.
Bakkt volumes decline
Meanwhile, trading volumes in Bakkt futures have been in a declining trend since hitting a record high of over $44 million, or 6,601 BTC, on Dec. 18.
As of Feb. 5, trading volume was $27 million, of which $16 million came from the physically settled futures.
Volumes on CME, however, have held strong, with seven sessions in the last two weeks registering more than $500 million volume, as noted by Skew.
Disclosure: The author does not currently hold any digital assets.
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